Shoreham Capital has been maintaining a steady clip of multifamily acquisitions over the last 24 months but Managing Partner Doug Faron is the first to admit it has been very challenging.
The firm has been looking for dislocation opportunities – either distress or because of timing necessity – and last year found in many cases that the buyer-seller price expectations gap was too wide to overcome.
It hit pay dirt earlier this year when it acquired, in partnership with Bridge Investment Group, a 1,180-unit multifamily community called Mason at Van Dorn that is located in Alexandria, Va. The $157 million Fannie Mae financing was arranged by Berkadia.
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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.
