Arroyo & Coates Negotiates San Mateo Condo Conversion; De Anza Apartments sold for $28.7 Million
May 9, 2006
SAN MATEO, CA - Arroyo & Coates has completed the sale of De Anza Apartments, a $28.7 million condo conversion project in San Mateo, California. Emerald Fund, the largest condo developer in Northern California, acquired the 43 unit property from a partnership between NS Development, Casa Buena, Inc. and Seventeenth Hole. Owner and developer Niel Davidson, its general partner, built the project in 1990.
The De Anza Apartments, located at 1700 De Anza, were initially built as condos in 1990. The property possesses Eastward views of the San Francisco Bay with amenities that include underground parking, a pool, and fireplaces in each unit. Emerald Fund plans to renovate the floors, hallways, and kitchens as well as invest over $1 million in the lobby.
David Silver, Senior Sales Associate with Arroyo & Coates, represented both parties in the transaction.
This is the second bulk condominium transaction Mr. Silver has completed with Emerald Fund. In August 2005 a partnership of Emerald Fund and Lennar Homes of California closed 188 units in Benicia, California. The property, formerly known as Cambridge Circle, will be sold individually as condominium units under the new name ‘The Highlands’. Mr. Silver also represented the seller, Cambridge Circle Investments, LLP.
Regarding the new De Anza condominium development, Oz Erickson, President of Emerald Fund said, "We are delighted to again work with labor unions to create a quality product in the Bay Area home ownership market."
Buchanan Street Partners' funded the project with a $22 million bridge loan and $6.7 million mezzanine. Additional third party financing arrangements were secured through a workers union pension fund. "We have worked with Emerald Fund in the past, and were thrilled to successfully represent them on another financing assignment," said John Manning, vice president of Buchanan Street Partners San Francisco Office. “This property had condo conversion written all of over it, and we are confident in Emerald Fund's ability to convert it in to one of the most attractive condominium properties in the San Mateo region.”