IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $25.24 million in financing for Continental Garden Apartments, (top left photo) a 297-unit affordable housing community in Stanton, California.HFF managing director David Bleiweiss (bottom right photo) worked on behalf of Bertram Partners, Inc. to secure the 10-year, fixed-rate loan through Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).
The conventional loan was used to retire bond financing that was set to mature. Bertram Partners, Inc. is a private multifamily owner and operator based in Laguna Hills, California.
Continental Garden Apartments is located at 8101 Cerritos Avenue close to the Santa Ana and Garden Grove Freeways in the northwest Orange County town of Stanton.
The property has 98 buildings with one-, two- and three-bedroom units averaging 1,000 square feet each. Continental Garden Apartments is 99% leased and is an affordable project with
rents set by regulatory agreements from both the City of Stanton and the California Tax Credit Allocation Committee at 60% of area media income (AMI).“Despite the downturn in the economic climate, financing for multifamily properties has remained fairly steady, despite the credit squeeze for other property types,” said Bleiweiss.
“HFF has been very busy consistently arranging and closing both Freddie and Fannie loans for multifamily product across the country.”
Contacts:
David A. Bleiweiss, HFF Managing Director, (949) 253-8800, dbleiweiss@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com ,
No comments:
Post a Comment