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November 17, 2019
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Bertram Partners Secures $72 Mil of Freddie Mac Money on Three OC Affordable Apartment Properties


Bertram Partners Inc recently obtained two Freddie Mac loans totaling $72 mil, secured by three affordable housing assets totaling 536 units in Orange County. One of the loans is for $41.26 mil and is secured by Continental Gardens, while the other loan, of $30.74 mil, is secured by Stuart Drive and Rose Gardens Apartments.

The 15-year, fixed-rate loans were arranged by HFF’s Jamie Kline and analyst Nicholas Lench. Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties. Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.

Continental Gardens is located at 8101 Cerritos Ave in the western Orange County community of Stanton. Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99% occupied. Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove. Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Ave. Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units. The communities are operated as one property and are 99% occupied overall.

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