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Friday, 03 January 2014

Interwest Partners with Angelo Gordon on Purchase of Seniors-Housing Portfolio

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Commercial Real Estate Direct Staff Report

Interwest Capital Corp. has partnered with Angelo, Gordon & Co. to buy a portfolio of four age-restricted apartment properties with 1,113 units in Las Vegas for $75 million.

The properties, all branded Destinations Senior Living, had served as collateral for a total of $84.7 million of mortgage debt that had been securitized through Cobalt CMBS Commercial Mortgage Trust, 2006-C1. They had been taken through foreclosure in 2011 by special servicer CWCapital Asset Management, which recently put them up for sale through Newmark Grubb Knight Frank. They were appraised in 2012 at a value of $73.2 million, according to a report from the CMBS deal's trustee.

Interwest, a La Jolla, Calif., investor led by Alex Roudi, a local entrepreneur who has been involved in real estate for years, previously had acquired a $32 million nonperforming loan against the Carefree Willows, a 300-unit seniors-housing property in Las Vegas in a venture with Angelo Gordon.

For its latest acquisition, it has tapped CompassRock Real Estate to handle the properties' day-to-day operations. The Denver property manager, which is led by David Woodward, a former executive with Archstone Communities, and funded in part by CW Financial Services, manages the Peter Cooper Village/Stuyvesant Town apartment complex in Manhattan.

The four properties, which do not offer assisted-living or nursing services, are:

- 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.

Interwest said it planned to continue operating the properties, which are 94 percent occupied in total, as age-restricted communities and would make capital improvements to them.

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



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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Assisted Living/Health Care
  • Subject: Property Acquisitions (ACQ)
  • Company: Anthracite Capital Inc.
  • Private: No
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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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