|
|
2/25/16
|
A partnership of Phoenix Realty Group and Intercontinental Real Estate Corporation purchased The Bridge Apartments, a 544-unit, Class B apartment complex in the East Bay city of Hayward. The property is located at 25800 Industrial Blvd, north of Hwy 92 and west of Hesperian Blvd.
Built in 1986, The Bridge Apartments is a garden-style apartment complex situated on 22.4 acres of land. The property includes 19 two-story and 10 two- and three-story apartment buildings including a clubhouse, fitness center, two swimming pools, spas, a playground, and controlled access gates. A small portion of the residents are students that attend local colleges: Cal State University, Chabot College, and Heald College. Local employers include Kaiser Permanente, Hayward Unified School District, Eden Medical Center, and Wal-Mart.
The purchase was financed with a $68.1 mil loan assumption in conjunction with a $36.9 mil supplemental loan, arranged by Trevor Fase of Walker & Dunlop. The transaction, which was taken under application at the end of October 2015 with a strict year end closing deadline, was challenging as the first mortgage was a securitized loan, and the assumption and supplemental required approval from multiple parties.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
