Maximus Real Estate Partners and Deutsche Asset Management has secured a $148.6 million senior secured term loan to acquire and renovate the Sharon Green Apartment complex in Menlo Park, California. The majority of the funds are earmarked for the acquisition of the property, with the rest to be set aside for capital improvements to the property over the next three years. The joint venture acquired the 296 unit, 328,024 sqf complex from Essex Property Trust, a publicly traded REIT. The funding was supplied by ING Capital.
“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.”
