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Wednesday, 17 November 2010

Apartment Investor Looks to Recapitalize $250Mln Portfolio

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Commercial Real Estate Direct Staff Report

Bluerock Real Estate is looking to recapitalize a portfolio of 10 apartment properties with 2,400 units that it has acquired over the past 20 months.

The New York investment firm, led by R. Ramin Kamfar, a former Lehman Brothers mergers & acquisitions specialist who during the 1990s founded the New World Coffee chain, has tapped Carlton Group to arrange a transaction.

The portfolio, valued at some $250 million, is 97 percent leased. Properties are scattered across the Southeast and in Texas. Carlton is pitching its assignment as a "unique opportunity to acquire a meaningful interest in a diversified, high-yielding portfolio with very favorable debt and the potential for significant upside," according to Stuart Lederer, a Carlton managing director.

Bluerock in recent months paid $37 million for the Apartments at Meadowmont, a 258-unit complex in Chapel Hill, N.C., and has acquired properties in Austin and San Antonio, Texas, as well as Atlanta and Nashville, Tenn.

Bluerock operates a fund for which it was raising $35 million of equity and two years ago registered with the SEC to raise up to $1.3 billion for Bluerock Enhanced Multifamily Trust Inc., a non-traded REIT. Ventures led by the company have made more than $800 million of investments in office and apartment properties since 2004.

An investor that helps recapitalize the Bluerock portfolio would have an option to make additional investments in future acquisitions by the company. Bluerock is eyeing the purchase of some 2,000 units in the Southeast in deals totaling more than $120 million.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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