NEW YORK, April 25, 2016 /PRNewswire/ -- ING Capital
LLC ("ING") has provided the joint venture of Maximus Real Estate
Partners and Deutsche Asset Management with a $148.6 million senior secured term loan to
acquire and renovate the Sharon Green Apartment complex in
Menlo Park, California.
The senior loan is secured by a first mortgage on the garden
apartment complex. A majority of the loan will go towards the
acquisition of the property, with the rest earmarked for
renovations over a three year period. Maximus Real Estate Partners
and Deutsche Asset Management acquired the 296-unit, 328,024 square
feet Sharon Green property in a
joint acquisition from Essex Property Trust, a publicly traded
REIT.
"Sharon Green Apartments is the top located garden apartment
complex in the country for offering tenants unparalleled education,
employment and transportation opportunities within walking distance
and centrally located in the heart of Silicon Valley," said
Craig Bender, Managing Director, ING
Capital LLC. "The strong fundamentals of the property, combined
with Maximus Real Estate Partners' expertise and experience
developing and renovating San Francisco Bay area properties made
this an attractive, financing opportunity."
Press Enquiries
Elaine Clark
+1 646-424-7021
Elaine.Clark@ing.com
ING Capital Profile
ING Capital LLC is a financial services firm offering a full array
of wholesale financial lending products and advisory services to
its corporate and institutional clients. ING Capital LLC is an
indirect U.S. subsidiary of ING Bank NV, part of ING Group (NYSE:
ING), a global financial institution of Dutch origin. The purpose
of ING Bank is empowering people to stay a step ahead in life and
in business.
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SOURCE ING Capital LLC