Barings, one of the world’s leading investment managers, announced that it has provided a $76.9 million financing package for the Real Estate Business within Goldman Sachs Asset Management (Goldman Sachs) acquisition of The Cove, a 220-unit, best-in-class suburban apartment community in Hingham, MA.
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CBRE’s Debt & Structured Finance group in Dallas advised Goldman Sachs on the financing.
“We are pleased to partner with Goldman Sachs on their acquisition of a new Class A apartment community in a high barrier-to-entry submarket,” said Jonathan Neff, Director with Barings. “This investment is consistent with Barings’ core multifamily investment strategy, which focuses on providing capital for new assets in vibrant suburban locations, especially certain developments in coastal market locations with high ownership costs.”
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Opening in phases between November 2019 and April 2020, The Cove is currently 92.3% occupied. The property consists of two, four-story residential buildings with elevator service and underground parking. The Cove offers 1, 2 and 3 bedroom floorplans featuring high ceilings, oversized windows and open plan layouts. Community amenities include onsite fitness, clubroom and lounge, resort-style pool, sky lounge overlooking Bare Cove and the Back River, secure bicycle parking and pet grooming stations. The property is directly accessible to Bare Cove Park’s extensive network of waterfront parks and trails, and is in close proximity to the Hingham Shipyard.
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