Oaktree and Bascom secure $471m Las Vegas loan

Funds managed by the two groups secured the loan from a government-sponsored enterprise (GSE) lender for the acquisition of a 15-property multifamily portfolio.

Funds managed by Oaktree Capital Management and the Bascom Group have landed a $470.7 million loan from a government-sponsored enterprise (GSE) lender for the acquisition of a 15-property multifamily portfolio in Las Vegas, Nevada.

Las Vegas, Nevada
Las Vegas, Nevada

The seven-year, floating rate loan includes an interest-only term, according to a press release from CBRE, which arranged the financing. CBRE declined to name the lender.

Camden Property Trust sold the portfolio to the two firms for $630 million, bringing the loan’s loan-to-value to 75 percent.

The portfolio consists of 4,918 apartment units, a small retail center and 19.6 acres of undeveloped land, all located throughout Las Vegas. Oaktree will continue to focus additional investment dollars on property upgrades and unit improvements, according to the release.

“With a high-quality portfolio located in some of the strongest submarkets of Las Vegas, we are well-positioned to seek strong future NOI growth by implementing a value-add renovation program,” said Mark Jacobs, managing director at Oaktree.

Also this month, Oaktree and Natixis provided a $335 million financing on the acquisition of a majority stake in seven Manhattan hotel properties. And this February, Oaktree announced plans to launch its second commercial real estate debt fund that could target more than $1 billion in capital commitments, as Real Estate Capital reported. Bascom is a private equity firm that specializes in multifamily, commercial, and non-performing loans.

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