A JV of Maximus Real Estate Partners and Deutsche Asset Management received a $148.6M senior secured loan term loan from ING Capital.
The JV will use the funds to purchase and renovate the 296-unit Sharon Green Apartment Complex in Menlo Park. A first mortgage on the 328,024 SF property secures the senior loan. While most of the loan will cover acquisition costs, a portion of the secured loan will finance a three-year renovation.
ING Capital managing director Craig Bender cited the prime location of the apartment complex as a key draw in financing the project. He says Maximus Real Estate Partners has “experience and expertise” in executing Silicon Valley renovations.
Multifamily growth in Silicon Valley was recently described by Silicon Valley developer Mark Calvano as the next trend. He cited young workers desire to walk or bike to work as a key driver in the creation of urban villages. These multifamily developments would re-create some of San Francisco's "urban" conveniences.
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