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September 22, 2021
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Cumberland Holdings Acquires Multifamily Assets Totaling 136 Units in Portland and Daly City

9/13/21

Cumberland Holdings, out of the Bay Area, recently completed two multifamily property acquisitions located in Portland, OR and Daly City, CA. The purchases were financed with $32.1 mil in combined bridge acquisition money arranged by NorthMarq Capital.

2665 Geneva Ave, Daly City
2665 Geneva Ave, Daly City
One of the purchases was of Pacific Place Apartments, a 72-unit, six-story property. Built in 2010, the asset is located at 2665 Geneva Ave. The deal was financed with a $23 mil floating rate bridge loan. It was structured with a five-year, interest-only term and includes a $3 mil holdback to allow the sponsor to complete a retail conversion that will add seven residential units.

The other acquisition was of Lenox Apartments, a 64-unit multifamily property in Portland. Built in 2018, the property is located at 5151 SE Holgate Blvd. The sponsor plans to repurpose 2.6k sf of retail space into four additional live/work apartments units. The acquisition was financed with a $9.1 mil floating rate bridge loan that was structured with a five-year, interest-only term and a hold back to enable the sponsor’s value-add strategy.

NorthMarq’s Dennis Williams, Tom Wight, Jackie Goldsmith and Soraya Rios arranged the financing deals. Both loans were funded through a national life insurance company.




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