New York, October 02, 2014 -- Moody's Investors Service (Moody's) was informed that EM-Courtyard Partners LP, EM-Argonaut Partners LP, Goodman Northside Apartments LP, GRE Northside LLC, and GP Investor LLC, five of the six current indirect owners of GBR Santa Palmia LLC (Borrower), the Borrower for the Santa Palmia Apartments mortgage loan, have requested lender consent to transfer their 50% indirect ownership interests in the Borrower to Essex Portfolio LP, of which Essex Property Trust is the sole general partner with a 94.6% interest. After the transfer is complete, the ownership structure of the Borrower will include Essex Portfolio LP and Barbaccia Properties Holdings LLC, which will continue to own the remaining 50% indirect ownership interests in the Borrower.

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