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9/25/17
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Woodmere Ltd has obtained a $29.25 mil refi loan on The Woodmere, a luxury garden apartment property in West Los Angeles. The property is located at 3700 S. Sepulveda Blvd, north of Venice Blvd.
The Woodmere offers convenient access to the University of California at Los Angeles and Santa Monica College, as well as metro and bus lines. The property features one- and two-bedroom floorplans with covered parking, gas fire places and private patios and balconies. Community amenities include a pool and spa with a sun deck, tennis courts, a billiards room, a cardio room and a business center.
Berkadia’s Allan Freedman secured the refinancing loan through the Fannie Mae Green Rewards program. The 12-year, fixed-rate loan features full-term, interest-only with escrow and carveout guarantor waivers, a 3.92% interest rate and a 30-year amortization schedule.
“The loan structure for Woodmere allowed the client to take out additional money for capital improvements, while also lowering the debt service substantially,” said Freedman.
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