LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $4.37 million in refinancing for Burlington Avenue Apartments and Roxanne Apartments, two Los Angeles-area multi-housing communities. HFF managing director Mark Wintner (top right photo) worked on behalf of the borrower, Westland Industries to secure the 10-year, 5.95% fixed-rate loans through Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).
A $2.122 million loan was secured for Burlington Avenue Apartments and a $2.25 million loan was arranged for Roxanne Apartments, both of which are cash-out refinancings with 75% loan-to-value ratios.
This is HFF’s second transaction involving Westland Industries and Fannie Mae in 2009. In May, Wintner arranged a $6.4 million financing for Esther Ridge Apartments in Long Beach, California. Westland Industries is a diverse real estate development and management organization headquartered in Long Beach, California.
Originally completed in 1924, Burlington Avenue Apartments is a 36-unit property that was completed renovated in 2007. The fully-leased property is located at 1320 South Burlington Avenue west of downtown Los Angeles. Roxanne Apartments is located at 3939 Roxanne Avenue in the West Adams area of Los Angeles. The property has 33 units and is currently 100% leased.
Contacts:
Mark Wintner, HFF Managing Director, (310) 407-2100, mwintner@hfflp.com
Kristen M. Murphy, HFF Associate Director Marketing, (713) 852-3500, krmurphy@hfflp.com
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