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June 24, 2024
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JB Matteson Inc Closes Six Multfamily Assets Refis Totaling $132 Mil


JB Matteson Inc has refinanced six CA and WA multifamily properties comprising a total of 965 units in separate transactions totaling $132 mil.

The six permanent loans were arranged by Dennis Williams and Tom Wight of NorthMarq and were funded through the life insurance company Allianz. The loans featured competitive fixed interest rates with interest-only payments for the full 10-year terms.

The financings included:

Avanti Apartments: A $19.25 mil refinance of Avanti Apartments. Built in 2005, the Class A, 216-unit multifamily property is located at 4450 El Centro Rd in the North Natomas neighborhood of Sacramento. The property features unique landscaping, courtyard with hand-tiled mosaics and fountain, and updated amenities in each unit.

Millworks Apartments: $31.4 mil refi of Millworks Apartments. Built in 2010, the Class A, 124-unit multifamily property is located at 900 Reichert Ave in Novato. Units feature granite countertops, high-end appliances and spacious floor plans, situated above structured parking, a ground floor Whole Foods and a short walk to public transportation.

Reflections at the Park: An $18.5 mil refi of Reflections at the Park. Built in 2008, the Class A, 244-unit multifamily property is located at 11510 NE 112th Drive in Vancouver, approximately 10 miles north of Portland. Community amenities include a pool, business center, fitness center and playground, while units feature full-sized washer/dryer, granite countertops, stainless steel appliances and decks.

Tustin Cottages: $19.4 mil refi of Tustin Cottages. Built in 2011, the Class A, 93-unit multifamily property is located at 1361 El Camino Real in Tustin. Three- and four-bedroom townhomes feature stainless steel appliances, updated flooring and direct access two-car garages.

Urban Village: A $25.5 mil refi of Urban Village Apartments. Built in 2015, the Class A, 129-unit multifamily property with ground floor retail is located at 1081 Long Beach Blvd in Long Beach. The property features a full array of resort-style amenities, high quality finishes and benefits from its proximity to the shores of the Pacific Ocean, public transportation as well as numerous historical, shopping and restaurant attractions.

Waterfront Apartments: An $18 mil refi of Waterfront Apartments. Built in 2007, the Class A property is located at 201 1st St in Petaluma, in Sonoma County. The mixed-use property comprises 96 multifamily units and approximately 4k sf of commercial space.

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