ATLANTA, April 26, 2018 /PRNewswire/ -- Invesco Real
Estate (Invesco), a global real estate investment manager,
announces today that it has originated a $80m senior loan as part of its rapidly expanding
commercial real estate lending platform.
The loan origination has been secured to finance the acquisition
and full redevelopment of a 344-unit, mid-rise apartment project
known as Bella Posta Apartments in the Mission Valley sub-market of
San Diego, California.
The loan was secured by the Sares Regis Multifamily Value Add
Fund II, L.P., as sponsor, which is an affiliate of Sares Regis
Group, one of the leading multi-family owner/operator/developers in
the Western United States, and
which has deep experience renovating and re-envisioning
multi-family communities in infill California neighborhoods. As part of the
project, the fund plans a complete renovation and upgrade to the
residence interiors including the full modernization and
re-envisioning of exteriors, common areas and amenities.
Charlie Rose, Senior Director,
Structured Investments, Invesco comments: "As we expand Invesco's
footprint as a nimble, creative lender, we are delighted to once
again be working with Sares-Regis who is a best in class owner,
operator and developer of differentiated multifamily properties in
the Western United States. This
loan is representative of our relationship-oriented approach to
lending, allowing us to structure unique financing solutions for
borrowers seeking responsive and flexible debt capital."
"Invesco Real Estate has committed to further scaling its
lending platform as a complement to the firm's existing national
footprint and established infrastructure," says Bert Crouch, Managing Director, Structured
Investments, Invesco. "This origination demonstrates our ability to
source, structure and close senior loans within the multi-family
space, on behalf of our debt platform, which is targeting
attractive risk-adjusted returns, focused on income through US
commercial real estate loan originations with strong credit
profiles."
As a firm, Invesco Real Estate has over 30 years of experience
in the commercial real estate sector and has executed on
credit-related transactions totaling more than $4.2 billion* since the end of the Global
Financial Crisis.
"We are thrilled to announce the acquisition of Bella Posta, and to be working with Invesco once
again," says Ken Coatsworth, Chief
Financial Officer of Sares Regis Group. "Invesco stepped up early
on to provide us with the certainty of execution and flexibility
necessary to execute on a fast-moving transaction with a complex
value-add business plan."
Invesco Real Estate's commercial mortgage business is actively
originating senior and subordinate loans in primary and select
secondary markets throughout the United
States. With a focus on institutional quality real estate
and sponsors, Invesco typically targets senior loans in excess of
$50 million (and up to $250 million) and mezzanine loans in excess of
$20 million (and up to $150 million). All major property types are
considered including office, multifamily, industrial, hospitality,
and retail with selective consideration of specialty property types including student
housing, senior housing and self storage. As a floating-rate,
non-recourse lender, most loans are structured with three to five
years of fully extended term and up to 75% advance rates secured by
core-plus and value-added collateral profiles.
*All data is as of 12/31/2017
unless otherwise noted.
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SOURCE Invesco Ltd.