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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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