Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

  • JUser: :_load: Unable to load user with ID: 65
Wednesday, 17 November 2010

Apartment Investor Looks to Recapitalize $250Mln Portfolio

Written by 
Rate this item
(0 votes)

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


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 721 times

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds