LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $6.4 million in financing for Esther Ridge Apartments, a 78-unit multifamily community in Long Beach, California.Working on behalf of Westland Industries Group, HFF managing director Mark Wintner (top left photo) placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).
Westland Industries Group is a diversified real estate development and management organization headquartered in Long Beach, California.
Esther Ridge Apartments is located at 630-800 East Esther Avenue close to the Long Beach and San Diego Freeways in Long Beach.
The 100 percent occupied property has 20 one-bedroom/one-bath units averaging 525 square feet each, 40 two-bedroom/one-bath units averaging 750 square feet each, eight two-bedroom/two-bath units averaging 832 square feet each and 10 three-bedroom/one-bath units averaging 880 square feet each.
“This is the first loan with Wachovia’s Multifamily Capital and Westland. Wachovia was able to aggressively underwrite the asset and provide 77 percent loan-to-value at a rate of 5.53 percent fixed for 10 years,” said Wintner.
Contacts:
Mark Wintner, HFF Managing Director, 310 407 2100, mwintern@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, 713 852 3500, kmurphy@hfflp.com
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