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February 24, 2024
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Two CA Multifamily Assets Land Freddie Mac Refi Loans Totaling $208 Mil


In recent residential refi transactions of note, we’ve got the scoop on two CA Freddie Ma property loans totaling about $208 mil. The deals, both arranged by NKF’s Multifamily Capital Markets team, were for assets at both ends of the state, in Alameda and Monterey Park.

In northern California, Summer House Apartments, a 615-unit property in Alameda, was refinanced with a Freddie Mac loan for $167.85 mil. The property, located on Alameda Island, offers access to free shuttle service to the Lake Merritt BART Station and direct ferry service to Downtown San Francisco. NKF’s Mitch Clarfield, Stephen Gianoplus, Ramsey Daya and Josh Braceros arranged the loan.

In Monterey Park, the 184-unit Emerald Hills complex was refinanced with a loan for $40.3 mil. The property is located at 855 West El Repetto Dr, just east of Downtown Los Angeles and one block from South Atlantic Blvd, proximate to various public transportation options, numerous grocers, shopping and dining options.

The property presents a strong mix of studio, one-, two- and three-bedroom units, most of which have undergone recent renovations including new flooring, appliances, countertops and hardware. The property features a dog park, laundry facilities, a fitness center, two swimming pools, a BBQ area and a deck with panoramic views of Los Angeles.

Clarfield and Ryan Greer, also with NKF, arranged the 10-year refinancing of Emerald Hills on behalf of a private, Los Angeles-based owner.

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