FOR IMMEDIATE RELEASE
Contact: Vincent Aviani / Kelsey Kazarian
Macy + Associates
(310) 821-5300
kkazarian@macyinc.com
BUCHANAN STREET PARTNERS SECURES $28.7 MILLION IN FINANCING ON BEHALF OF EMERALD FUND INC. FOR CONDO CONVERSION PROJECT IN SAN MATEO, CALIF.
Buchanan Street Partners Advises on Bridge and Mezzanine Loans For Largest Condo Developer in Northern California; Developer Will Convert De Anza Apartments Into For- Sale Housing
San Mateo, CA (February 9, 2006) - Buchanan Street Partners, a real estate investment bank,
secures $28.7 million third party financing on behalf Emerald Fund Inc. for the acquisition and
renovation of the De Anza Apartments in San Mateo, Calif. Buchanan Street Partners' debt and structured
finance team secured a $22 million bridge loan and $6.7 million mezzanine loan for the project,
according to Tom Sherlock, managing partner of Buchanan Street. "Plans are in motion to convert the
De Anza Apartments into for-sale housing units that are projected to be in strong demand," continued
Mr. Sherlock.
"Buchanan Street Partners brought in National Electric Benefit Fund, the electrical workers union
pension fund, to secure third party finance arrangements due to their ability to provide both the
bridge and mezzanine components," said John Manning, vice president of Buchanan Street Partners San
Francisco Office. "We have worked with Emerald Fund in the past, and were thrilled to successfully
represent them on another financing assignment."
"Buchanan did a fabulous job securing financing," according to Oz Erickson, President of Emerald Fund,
"we are delighted to again work with labor unions to create a quality product in the Bay Area home
ownership market."
The De Anza Apartments, located at 1700 De Anza, possess tremendous Eastward views of the San Francisco
Bay. The property was initially built as condos in 1990; therefore the unit floor plans provide easy
conversion capability. The property is in good condition and onsite amenities include underground
parking, 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.
"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,"
continued Mr. Manning. "These new condos will set a new standard for hip living in this middle class
suburb with a virtually non-existent condo market."
In 2005, Buchanan Street Partners closed $2.4 billion in debt and equity transactions for developers
and owners. Buchanan Street secured $325 million for condo conversions in 2005 alone.
Past Buchanan Street Partners' finance programs designed for Emerald Fund include another condo
conversion project as well as the Hotel Vitale in San Francisco. Emerald Fund is the largest condo
developer in Northern California with a focus on converting mapped, high-quality apartments like
the De Anza Apartments.
About Buchanan Street Partners…
Buchanan Street Partners is a leading real estate investment bank
that provides real estate capital for owners and developers. Founded in 1999, Buchanan Street Partners
has offices in Newport Beach, Los Angeles, San Francisco, Atlanta and Chicago, and has closed more
than $10 billion in real estate transactions since its inception. Buchanan Street Partners makes
principal equity investments for real estate in a discretionary capacity, arranges debt and
structured finance, is an investment manager to institutional and private investors, offers
investment sale brokerage services, and has a specialty in self-storage finance.
