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December 6, 2023
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Oakland Multifamily Portfolio Financed with $58 Mil Loan


Mosser Capital has obtained $58.5 mil in financing to fund the recapitalization of a nine-property multi-housing portfolio located in Oakland. Mosser owns the assets in a venture with a new foreign investment partner. Mosser originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017.

The portfolio consists of 282 existing rent-controlled residential units, including the addition of 28 to-be-built accessory dwelling units and four ground-floor retail suites. The properties are centrally located in highly desirable submarkets of Oakland: Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake. Units average 522 sf in size.

Peter Smyslowski and Bercut Smith with JLL Capital Markets arranged the seven-year (including extension options), floating-rate loan through Société Générale. The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 mil and an additional $9 mil in future funding for unit renovations, the addition of new accessory dwelling units and other expenses.

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