L&B also assumed the existing debt in the transaction, CBREexecutive vice president Maury Zanoff tells GlobeSt.com. Zanoff andEVP Joseph Donato from CBRE's Capital Markets Group assisted Finesain structuring the equity JV. The deal closed last month.
The portfolio consists of nearly 1,000 garden-style apartmentstotaling 731,976 sf in Frederick and Prince George's counties inMaryland. Finesa Real Estate Group, which is operated by DiegoSanint and Andres Gonzalez, is a private equity fund that owns andoperates multifamily real estate properties.
This recap is an important milestone for Finesa as it representsthe first time it has partnered with an institutional investor asopposed to foreign-based high net worth individuals. "Going fromworking with high net worth individuals to a institutional partnerwill allow them to really grow the company," he adds. L&B has astrong presence in the DC region, he says, but this is the firstdeal 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.
