The Long Beach apartment building has received $ 24.6 million refinancing.
The property, known as Patio Gardens, is located at 4874 E. Los Coyotes Diagonal and has 127 apartments. The borrower’s name was not disclosed.
Aaron Beck of NorthMarq arranged funding with Fannie Mae and DUS NorthMarq platform.
According to NorthMarq, this is a long-term, non-recourse loan with a low interest rate.
“The loan provided a return on equity to the borrower at a very attractive fixed rate,” Beck said in a statement. “The long-term non-recourse loan also allowed the borrower to spread the maturity of the loan within its portfolio.”
This is not the only major construction loan announced this year.
Chicago-based Singerman Real Estate and San Diego-based Darnell Capital recently received $ 23 million in funding for a project on the Palos Verdes Peninsula known as Peninsula Pointe.
As part of the renovation project of the vacant office building, 87 wards for the elderly and memory care facilities will be created. The facility will be operated by Phoenix-based Cadence Living.
Also this year, Columbia Pacific Advisors provided a $ 27 million completion loan to recapitalize the Hyatt Hotel Nue in Hollywood.
S3D Partners owns the hotel at 1525 N. Cahuenga Blvd.
And earlier this month, Hudson Pacific Properties Inc. from Brentwood and Blackstone Group Inc. from New York received a $ 1.1 billion loan for their Hollywood portfolio.
The money was provided by Bank of America Corp., Barclays, Wells Fargo Bank and Societe Generale.
For requests for reprinting and licensing this article, CLICK HERE…