Barings Provides Financing for Goldman Sachs Asset Management's Acquisition of The Cove

Rhea-AI Summary

Barings announced a $76.9 million financing package for Goldman Sachs Asset Management's acquisition of The Cove, a 220-unit suburban apartment community in Hingham, MA. The Cove, currently 92.3% occupied, features various upscale amenities and is located in a high-demand area. This investment aligns with Barings' multifamily strategy targeting coastal markets. Goldman Sachs oversees over $2 trillion in assets globally, with its real estate division managing over $50 billion in investments since 2012.

Positive

• Financing package of $76.9 million indicates strong support for the acquisition.
• The Cove's 92.3% occupancy rate suggests healthy demand and potential for revenue growth.
• Investment aligns with Barings' strategy to focus on upscale, coastal multifamily properties.

Negative

• None.

CHARLOTTE, N.C., Jan. 6, 2022 /PRNewswire/ -- Barings, one of the world's leading investment managers, announced today 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.

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."

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.

About Barings

Barings is a $387+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of September 30, 2021

About Goldman Sachs Asset Management Real Estate

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in assets invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.

Contact 

Cheryl Krauss, Barings, 980-417-5858, cheryl.krauss@barings.com

21-1969414

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SOURCE Barings

FAQ

What is the value of Goldman Sachs' acquisition financing for The Cove?

The financing for the acquisition of The Cove by Goldman Sachs Asset Management is valued at $76.9 million.

Where is The Cove apartment community located?

The Cove is located in Hingham, Massachusetts.

What is the current occupancy rate of The Cove?

The Cove currently has an occupancy rate of 92.3%.

How many units does The Cove apartment community have?

The Cove consists of 220 units.

What type of investment strategy does Barings follow?

Barings follows a multifamily investment strategy, focusing on high-quality assets in vibrant suburban locations.