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5/08/20
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An unnamed ownership entity hs obtained $44.38 mil in combined financing on two multifamily properties, in California and Texas. The properties are Vineyard Village, located in Rancho Cucamonga, CA, and Wellington Park in Lewisville, TX.
Wellington Park, Lewisville, TX |
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The permanent financing was arranged by Charles Christensen, Vincent Punzi and Lowell Takahashi with Berkadia. The transactions were for 10-year fixed loans through the Fannie Mae Multifamily Affordable Housing and Conventional programs. The loans had a blended interest rate of 2.49% and provided over $17 mil cash out.
The well-maintained properties have been under long term ownership. Ownership self manages the properties and has spent in excess of $2 mil of capital improvements since 2017.
Wellington Park affords residents convenient access to grocery, retail, entertainment and highway options. The property features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, a playground, a clubhouse and laundry facilities.
Vineyard Village is conveniently located near grocery, retail and dining options, within minutes of the Ontario International Airport. The property features one- and two-bedroom floor plans. Community amenities include two swimming pools, a spa, a clubhouse, an outdoor area with grilling stations, a fitness center and laundry facilities.
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