L&B also assumed the existing debt in the transaction, CBRE executive vice president Maury Zanoff tells GlobeSt.com. Zanoff and EVP Joseph Donato from CBRE's Capital Markets Group assisted Finesa in structuring the equity JV. The deal closed last month.
The portfolio consists of nearly 1,000 garden-style apartments totaling 731,976 sf in Frederick and Prince George's counties in Maryland. Finesa Real Estate Group, which is operated by Diego Sanint and Andres Gonzalez, is a private equity fund that owns and operates multifamily real estate properties.
This recap is an important milestone for Finesa as it represents the first time it has partnered with an institutional investor as opposed to foreign-based high net worth individuals. "Going from working with high net worth individuals to a institutional partner will allow them to really grow the company," he adds. L&B has a strong presence in the DC region, he says, but this is the first deal in which it has partnered with Finesa.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
