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Glencrest Group and Angelo, Gordon & Co. JV buy second acquisition for 2019
Transactions - DECEMBER 20, 2019

Glencrest Group and Angelo, Gordon & Co. JV buy second acquisition for 2019

by Released

A joint venture between Glencrest Group and Angelo, Gordon & Co. has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, Calif.

JLL worked on behalf of the joint venture to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, Calif.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces, and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom and resort-style pool.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” said Peter Smyslowski, senior managing director at JLL Capital Markets.

 

 

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