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Wednesday, 29 January 2014

Interwest, Angelo Gordon Team up on Another Vegas Apartment Buy

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Commercial Real Estate Direct Staff Report

A venture of Interwest Capital Corp. and Angelo, Gordon & Co. has completed the purchase of another four age-restricted apartment properties in Las Vegas from the CMBS trust that had taken them by foreclosing on what had been $85.9 million of debt.

The Interwest team bought the four properties, which have a total of 990 units and are all branded Destinations Living, for roughly $75 million, or $75,760/unit. They each served as collateral for mortgages that were securitized through Wachovia Bank Commercial Mortgage Trust, 2006-C28.

Newmark Grubb Knight Frank's Doug Schuster and Curt Allsop offered the properties on behalf of CWCapital Asset Management, special servicer for the CMBS deal.

Interwest, a La Jolla, Calif., investor, previously had teamed with Angelo Gordon on the $75 million purchase of four other Las Vegas properties with 1,113 units that served as collateral for $84.7 million of financing that had been securitized through Cobalt CMBS Commercial Mortgage Trust, 2006-C1. CWCapital was also special servicer for that deal. And Newmark Grubb also advised CWCapital on that deal.

The properties in both portfolios previously were branded Carefree Adult Living and were owned by a venture of Starwood Capital Group and Orion Residential.

The properties in the initial portfolio purchased by the team were:

- Valley View, with 344 units at 1600 South Valley View Road in Las Vegas' southwest market. The property, along with Oakey, with 82 units at 3900 West Oakley Blvd., had served as collateral for $27.6 million of the CMBS debt;

- Pebble, with 416 units at 1450 East Pebble Road in the city's southeast area that had secured a $34.4 million loan, and

- Spring Valley, with 271 units at 3925 South Jones Blvd. that backed $22.7 million of financing.

The four properties that the Interwest/Angelo Gordon team bought this time around were collectively appraised at a value of $68.4 million last year, according to a report from the CMBS deal's trustee. They are:

- Destinations at Alexander, with 472 units that were 95 percent occupied at 3949 West Alexander Road. It had secured a $44 million mortgage and was appraised at a value of $45 million.

- Desinations at Pueblo, with 242 units that are 95 percent occupied at 8600 Scholar Lane. The property backed a $23.6 million loan and was appraised recently at a value of $7.4 million.

- Destinations at Sandhill, with 180 units that are 90 percent occupied at 210 South Sandhill Road. It backed an $11.4 million loan and was appraised at a value of $10 million.

- Destinations at Winterhaven, with 96 units that are 95 percent leased at 3300 Winterhaven St. It backed a $6.9 million loan and appraised recently at a value of $6 million.

The Interwest/Angelo Gordon team has tapped CompassRock Real Estate of Denver to handle the properties' day-to-day operations. The property manager is led by David Woodward, a former executive with Archstone Communities.

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

 



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Las Vegas
  • States: Nevada
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: Anthracite Capital Inc.
  • Private: No
Read 1361 times Last modified on Friday, 31 January 2014

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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