Multifamily Portfolio Gets Financing Jolt
A 12-property 455-unit multifamily portfolio with 13 ground-floor retail suites just received $113.5 million via a six-year (including extension options) floating-rate loan through an affiliate of Walton Street Capital.
SAN FRANCISCO—A 12-property 455-unit multifamily portfolio with 13 ground-floor retail suites just received $113.5 million in financing. The borrower was Mosser Capital.
The financing was a six-year (including extension options) floating-rate loan through an affiliate of Walton Street Capital LLC. The loan included interest-only payments through the first five years of the term.
The properties in the portfolio are 775 Geary (36 units), 1029 Geary (58 units), 17 Decatur (8 units), 840 Van Ness (50 units), 2360 Van Ness (21 units), 245 Leavenworth (48 units), 305 Hyde (38 units), 347 Eddy (40 units), 371 Turk (25 units), 575 O’Farrell (47 units), 618 Bush (38 units) and 891 Post (46 units). All properties are near mass transit, employment and retail amenities in the Civic Center, South of Market, Chinatown and Russian Hill submarkets.
The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski and associate Bercut Smith.
“The sound economic fundamentals of this multi-housing portfolio and the San Francisco market attracted a diverse array of domestic and foreign capital providers,” Smyslowski said. “Mosser could not have been more impressed by Walton Street’s expert loan execution.”