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5/28/15
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Capital One Multifamily Finance has provided a $30.8 mil, fixed-rate Fannie Mae loan to refinance Villa La Paz, a 245-unit apartment community in the LA area city of Bellflower. The borrower is an entity controlled by Spruce Grove Inc.
Spruce Grove has maintained Villa La Paz in excellent condition, and the property is located in a residential area with good access to retail, dining, and entertainment options. It has two fitness centers, three pools, a clubhouse, and five barbecue areas. Most units are equipped with air conditioning and garbage disposal.
Chuck Christensen, a Senior Vice President in Capital One Multifamily’s Newport Beach office, originated the transaction. Spruce Grove’s existing loan on Villa La Paz was set to in mid-2016. The new loan, which includes three years of interest-only payments, allowed Spruce Grove to lock in today’s low rates for the next 15 years and pull significant equity out of the property. Spruce Grove has owned the property since 1979.
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