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Thursday, 18 May 2000

Essex Buys Apartment Community, Closes on Participating Loan in California

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May 19, 2000

PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has acquired a 105-unit apartment community in Oxnard, Calif., and closed on a $14.6 million participating acquisition loan for a 526-unit complex in Fremont, Calif.

Essex paid $7.6 million for Mariners Place in Oxnard's business district. The garden-style apartment community, built in 1987, consists of 55 one-bedroom and 50 two-bedroom apartment units.

Essex originated a $14.6 million participating loan to finance the acquisition and redevelopment of the Mountain Vista Apartments in Fremont. Essex funded $9.5 million at the closing, with the balance to be used for a $5.6 million renovation of the property.

Essex's loan is in a mezzanine position, subordinate to $40.5 million in existing and seller-provided financing and senior to the developer's $5.5 million capital contribution. The loan matures in four years, with annual interest at 11.5 percent.

In addition, Essex will participate in 25 percent of any profits to the extent that they exceed 11.5 percent of the contributed equity of Essex and the developer.


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Additional Info

  • Syndicate to Realpoint: No
  • States: California
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: Fannie Mae
  • Valuation: Between $10 million and $25 million
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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





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