Buchanan Puts Up $21M for First Mortgage on Luxury Apartment Complex in Northern California
- Jul 02, 2010
July 2, 2010
By Allison Landa, News Editor
Real estate investment management firm Buchanan Street Partners has funded a $21 million first mortgage loan for a luxury apartment complex in Oakland, Calif. The mortgage is on Aqua Via, an eight-story, 104-unit building that comprises 116,539 square feet and is currently 98 percent occupied.
Via the first mortgage, the borrower was able to buy the existing note for $23.6 million – a 31 percent discount from the outstanding balance.
Aqua Via is located near Jack London Square, a hallmark of Oakland currently undergoing a $375 million redevelopment. It is also located close to public transportation, including AC Transit buses and Amtrak trains.
“This investment is an excellent example of the strength of Buchanan’s principal lending platform,” Buchanan president and chief investment officer Tim Ballard said when announcing the news. “Buchanan structured a multi-level capital solution with a fast, reliable and transparent closing process on this time sensitive note purchase.”