The project, acquired for more than $100,000 per unit, offers units of one and two bedrooms in 11 garden-style buildings constructed in the mid-1960's. The complex features townhouse units with large balconies, enclosed garages and a swimming pool. "Many of the units had not been adequately upgraded for many years," says Michael Sorochinsky of Cypress. "We viewed the acquisition of Basque Manor as a great opportunity to provide an improved residential product in the tight rental market of Orange County."
Hanover Financial Co. provided the majority of the equity for the project, which included the acquisition and a substantial budgeted renovations. "We were impressed by Cypress' pipeline of attractive investment opportunities and look forward to working with them on future projects," says Michael Lowinger, president of Hanover Financial. Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., provided non-recourse debt financing for the project.
Hanover, a provider of joint venture real estate equity and mezzanine capital, invests in the development, acquisition and repositioning of industrial, multifamily, office and retail projects.
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