NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has arranged a $23.28 million refinancing for Ironwood Apartments, (top left photo) a 260-unit multifamily community in Rancho Cucamonga, California. Working on behalf of institutional investors advised by J. P. Morgan Asset Management - Global Real Assets, HFF senior managing director Whit Wilcox (bottom right photo) placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).
Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender.
HFF recently closed on a $22.1 million financing for the adjacent Fairway Palms Apartments. Located at 11100 4th Street, Ironwood Apartments is less than one mile from the Interstate 10 and 15 freeways about 40 miles east of downtown Los Angeles in Rancho Cucamonga.
The 94 percent leased property has one-, two- and three-bedroom units averaging 920 square feet each. Residents of Ironwood and the adjacent Fairway Palms (also owned by the borrower) have access to amenities at both properties including swimming pools, fitness centers and clubhouses.
Contacts:
Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425
No comments:
Post a Comment