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1/22/15
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Capital One Multifamily Finance has provided a $30.25 mil floating-rate bridge loan for Jasmine Place Apartments, a 144-unit property located in Westminster, CA. Located at 15200 Moran St, west of Brookhurst St and south of the 22 Fwy, the property is owned by Golden Horizon Realty.
The property was originally developed as condos in 2009, and then acquired by Golden Horizon. The company engaged The REMM Group, a local management company, which developed a lease-up plan for the more than 60 vacant units. Simultaneously, Golden Horizon pursued a bridge loan through Capital One to replace the existing debt and allow 12-18 months to stabilize the property and transition to a long-term conventional loan.
Greg Reed and Kristen Croxton, Senior Vice Presidents in Capital One Multifamily’s Newport Beach office, originated the transaction. The floating-rate loan has an 18-month term with one six-month extension and full-term interest only based on a 30-year amortization. Golden Horizon Realty has now closed seven transactions with Capital One Multifamily, totaling $125 mil.
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