Veritas Closes Record $815M Financing For Massive Portfolio
Veritas Investments closed on a record $815M in financing for a portfolio of multifamily, mixed-use and retail properties in San Francisco owned by the firm and its co-investors, marking the largest such transaction in the city's history.
Veritas CEO Yat-Pang Au says the loan demonstrates Veritas' ability to create value for residents, tenants and investors. He says the team's creativity and collaborative approach helps improve existing urban infill properties to create better communities. (We snapped him last year at our San Francisco Capital Markets event, and he'll be speaking at our next event in March.)
Goldman Sachs provided the financing, and Eastdil Secured was the exclusive adviser in the transaction.
Veritas focuses on properties in the Bay Area, and is one of the largest owners and operators of multifamily, mixed-use and retail in the region. The firm acquires existing properties in desirable neighborhoods, adding value through building and management improvements.
Santino DeRose of DeRose & Appelbaum is an active commercial/retail leasing broker who’s worked with Veritas, and tells us they devote an extraordinary amount of attention to the retail and its complementary role for apartment residents, the surrounding neighborhood and the community.
"Veritas takes pride in turning otherwise inactive retail storefronts into new opportunities for innovative and community-serving businesses," Santino tells us. "A tremendous amount of thought goes into their retail strategy."
Founded in 2007, Veritas manages more than 100 properties, including several thousand apartment units, making desired building improvements and bringing in new elements, such as stores, restaurants and cafés, while still considering the community's character. Amenities for residents include car-sharing and electric vehicle charging stations. The firm is a vertically integrated owner-operator providing services at every level, including property management, leasing, project management, redevelopment and investment management services.
Earlier this year, a Veritas and Ivanhoé Cambridge JV bought 16 San Francisco apartment buildings for $200M (including 610 Leavenworth, above). That JV now holds 45 San Francisco properties, many of which are mixed-use with ground-floor retail.
