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6/28/17
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Crown Acquisitions Inc has obtained a $29 mil loan for the purchase of Fullerton University Village, a student housing community located in Fullerton. The borrower plans to renovate the property and create a more dynamic living environment.
Fullerton University Village is located at 2000 Oxford Ave, situated across the street from the California State University Fullerton campus. The property was built in 1972 and underwent various renovations in 1998, 2001 and 2012. The garden-style project occupies 3.98 acres and consists of eight, two- and three-story buildings.
The property consists of two studio units, six two-bedroom and 92 three-bedroom apartments, with an overall average unit size of 906 sf. Community amenities include a cafeteria, fitness center, heated swimming pool, student lounge, recreation center, volleyball court, clubhouse, three laundry facilities, and monitored security.
Scott Peterson and Bill Chiles with CBRE Capital Markets’ Debt & Structured Finance team secured an aggressive short-term, floating-rate loan through a national debt fund. According to Peterson, the proximity to the Cal State campus makes this a strong and safe long-term asset.
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