JLL Arranges Nearly $60M Financing for Bay Area MF Portfolio
Mosser Capital secured $58.5 million in financing to fund the recapitalization of a nine-property multi-housing portfolio located in Oakland. JLL Capital Markets worked exclusively on behalf of the borrower and its new foreign investment partner to secure the seven-year, including extension options, floating-rate loan through Société Générale.
The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million, and an additional $9 million in future funding for unit renovations, the addition of new ADU’s and other expenses. Mosser originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017.
The portfolio consists of 282 existing rent-controlled residential units, including the addition of 28 to-be-built ADU’s, and four ground-floor retail suites. The properties are centrally located in highly desirable submarkets of Oakland: Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake. Units average 522 square feet.
JLL’s Peter Smyslowski and Bercut Smith handled the deal.
For comments, questions or concerns, please contact Dennis Kaiser