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4/02/15
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Mike Thorp and Daniel Thorp in Pacific Southwest Realty Services’ Irvine office have arranged a $34.8 mil loan secured by an apartment complex in the Inland Empire. Built in 2006, the upscale property contains over 300 units and is 97% occupied.
The rollover refi was funded through the existing lender, a correspondent life insurance company. The fixed-rate loan has a 13-year term with a 30-year amortization schedule, an interest rate based on a spread of 151 basis points, and a loan-to-value ratio of 65%. In addition, there is a heavily discounted prepay to allow for an early refinance.
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