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12/18/17
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Realty Center Management recently obtained $156.56 mil in Fannie Mae financing for a portfolio of four multifamily properties throughout California. Branden McBirney, Garrett LaBar and Vickie Wible with Berkadia arranged the financing.
Three of the 10-year permanent fixed rate loans feature a 3.64% interest rate, a 55% loan-to-value ratio and full-term interest-only payments. The fourth loan featured a 4.05% fixed rate, a 75% loan-to-value ratio and three years of interest only payments. The loans were placed as a portfolio but were not cross-collateralized. The proceeds were used to refinance existing debt on the properties.
The properties financed include:
• Overlook at Blue Ravine -- located at 1200 Creekside Drive in the Sacramento suburb of Folsom. The property, which features a basketball court, a clubhouse, a fitness center, a putting green and a tennis court, received $88.6 mil in financing.
• Americana South Bay -- a luxury apartment complex in Torrance. The property, which features one-, two- and three-bedroom floor plans, received $32.3 mil in financing and is located at 20707 Anza Ave.
• Hollywood Place Apartments -- located in the Hollywood Hills at 7400 Hollywood Blvd, the property offers studio, one- and two-bedroom apartments with fireplaces, hardwood floors, granite countertops, private storage and patios and balconies. It received $20.8 mil in financing.
• Regency at Sherman Oaks-- the property was recently redesigned and features many amenities, such as a pool, a fitness center, a sauna and a barbeque area. Located at 4616 Willis Ave in Sherman Oaks, the property received $14.6 mil in refinancing.
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