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.”
About ING Capital
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 (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.