Bascom Refinances 11-Property Portfolio
The firm secures $235 million to refinance multifamily properties spanning five states.
The Bascom Group has secured $235 million to refinance an 11-property multifamily portfolio spanning five states. The assets are part of Bascom Value Added Apartment Investors III, the firm’s third discretionary fund.
The new loans are interest-only with spreads over LIBOR ranging from 180 bps to 200 bps and interest only periods of 24-36 months. The properties include The Square Apartments in Downey, CA, Camden Village Apartments in Fremont, CA, Del Flora Apartments in Redlands, CA, Courtyard on 68 th Apartments in San Diego, Juniper Terrace Apartments in Escondido, CA, Southtown at Main Apartments in Santa Ana, CA, 52nd Marketplace in Arvada, CO, Prescott Lakes Senior Apartments in Prescott, AZ, McKinney Orchid Apartments in McKinney, TX, Fifty 101 and Lyric Apartments, both in Las Vegas, NV.
Bascom worked with several capital partners, including Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL, and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing.