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| Acacia Park Apartments, Temecula, CA |
UNIONDALE,
NY (May 27, 2015) -- Arbor Commercial Mortgage, LLC (“Arbor”), a national,
direct commercial real estate lender, announced the recent funding of a loan
totaling $39,406,000 for the acquisition of the 320-unit Acacia Park Apartments in Temecula, CA.
The 10-year under the
Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan amortizes on a
30-year schedule and includes two years interest only.
The loan was
originated by Greg Gillam, Vice
President in Arbor’s Manhattan Beach, CA, office.
“The buyer
of Acacia Park Apartments is a long-term Arbor client, with whom we have closed
dozens of deals over the years,” Gillam said. “In this deal, the buyer required
a certain amount of financing customization, which is standard on all Arbor
loans. We were pleased to be able to help provide the optimal financial
solution, including the best available terms, to the borrower for their great
investment.”
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| Greg Gillam |
Acacia Park
Apartments consists of 24 buildings and such amenities as a clubhouse with a
fitness center, a billiards table and restrooms with showers; two outdoor pools
and spas; a tennis court; a volleyball court; a basketball court; as well as a
barbecue area with gas grills.
“We believe
Acacia Park Apartments represents a great investment, as it is a well-operated,
stabilized asset that recently underwent $2 million in renovations.
"We see much
upside potential in the property and we plan on continuing renovations upon the
turn of each unit, adding granite countertops, updated fixtures and cabinets
and wood flooring along the way,” explained Eric Sussman, co-owner of the property.
“As always,
our long-term financial partner Arbor worked hard to customize the specific
financing we needed to make this deal a tremendous investment not only now but
for the future. They uniquely understand our goals deal after deal.”
For a complete copy of the company’s
news release, please contact:
Christopher Ostrowski
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