1. In Press Realeases By Publisher March 30, 2012
PACIFIC URBAN RESIDENTIAL – ACQUIRED OF LIVORNO SQUARE APARTMENTS
Palo Alto, CA – Pacific Urban
Residential (formerly Pacific Property
Company) announced today that in
partnership with a strategic investor
it has acquired Livorno Square
Apartments, located in San Jose
California. Constructed as a 50 unit
for sale luxury condominium
complex, the attractive Livorno
Square condominiums was
completed just as the bottom fell out
of the residential market. Ultimately,
the owner of the community stopped
selling the condos and started renting
the units as apartments. Pacific Urban Residential sourced the transaction on an off-market basis
after establishing a relationship with the builder.
Livorno Square Apartment Homes is a luxury rental apartment community, located in one of the
most dynamic submarkets in the white hot Silicon Valley rental market. The property is situated
within walking distance of the high end Santana Row shopping center and is proximate to the
center of the area’s technology employment base. Property amenities include a resort quality
swimming pool, barbecue area, fitness center and subterranean secured parking. Apartment
homes feature granite countertops, stainless steel appliances and oversized windows.
“We are delighted to add Livorno Square Apartment Homes to our 7,000 unit portfolio,” noted
Pacific CEO Al Pace. “The large units and quality of the product competes well with new
properties currently under development. This was a terrific opportunity to acquire a luxury
community without taking on all of the cost and market risk of a development deal”.
Pacific Urban’s Mike Greene observed the value Pacific created in the transaction “Pacific
conducted two negotiations to bring a solution to the Livorno investment. First, we negotiated
with the builder to acquire the unsold units. Second, we were able to successfully negotiate with
individual condo homeowners to acquire their units, thereby converting a previously
challenging, “fractured” project to a traditional multifamily community. The Bay Area remains a
primary target for Pacific as we seek to aggressively grow our portfolio.” Pacific closed Livorno
Square on an all cash basis.
Pacific Urban Residential is a private multifamily investment firm seeking to acquire investment
opportunities in California and Washington. The firm is headquartered in Palo Alto, California
with additional offices in Seattle, WA, Los Angeles, and Irvine, CA. Since 1998 Pacific has
acquired in excess of $2,500,000,000 of multifamily communities.
In Press Releases By publisher On March 29, 2012 ·
Cohen Financial Secures More Than $48.75MM
San Francisco (March 29, 2012) – Cohen
Financial, a national real estate capital
services firm, today announced that it has
secured a total of $48.756 million for 12
multifamily properties in and around San
Francisco, California. Kenneth M. Fox, CCIM, a
Managing Director in Cohen Financial’s San
Francisco office, originated the competitively
priced, fixed-rate loans for a San Francisco
2. based commercial real estate multifamily investor.
Cohen Financial secured a total of $15.7 million from a Northern California bank to refinance
two apartment properties. A 63 unit apartment property located at 16th Street and a 40 unit
apartment building at 250 Taylor Street. Both properties are located over street level
commercial space in San Francisco.
The company also secured $33.056 million in acquisition financing for a portfolio of 10
multifamily properties. Eight of the properties are located in Marin County, one in Napa County
and one in Sonoma County. The 10 properties include 275 apartment units in total. The
acquisition loans were financed by three regional California banks and Fannie Mae in association
with Greystone Servicing Corporation, Inc.
“This was a difficult transaction, however, we were very happy with the outcome of the
financing based on the fact that we were able to deliver competitive loan terms to meet the
borrower’s needs,” said Mr. Fox.
About Cohen Financial Cohen Financial is a diversified, commercial real estate capital services
firm offering debt and equity placement, investment brokerage, loan administration and
advisory services. Marking 34 years of capital markets experience in 2012, the company is well
recognized as one of the nation’s leading loan servicers and special servicers, as well as an
originator of commercial and multifamily real estate financing. Cohen Financial serves clients
throughout the U.S. from offices in 9 major markets.