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| Zach Koucos |
SAN DIEGO, CA – HFF announced today that it has secured
$23.5 million for Centro Apartments and Harborview Apartments,
two Class A multi-housing communities totaling 141 units in National City, San
Diego, California.
HFF
worked on behalf of the borrower, PCD Capital Group and Birge & Held Asset
Management, in arranging the two loans through Opus Bank. A $9.3 million fixed-rate loan was secured
for Centro, and $14.2 million in fixed-rate financing was placed on Harborview.
The new loans carry 10-year terms, with five-year initial
fixed-rate periods on a non-recourse basis.
Both loans are refinancing existing mortgages on the properties.
Centro
Apartments and Harborview Apartments are situated within five blocks of each
other at 45 East 12th Street and 819 D Avenue in the South Bay
area of San Diego, about four miles south of downtown. Completed in 2012, Centro is a four-story
project with 60 units averaging 959 square feet each.
The community features a pool, barbeque area, sundeck and
ground-level enclosed parking.
Harborview Apartments, completed in 2011, has 81 units in one-, two-,
three- and four-bedroom layouts averaging 1,279 square feet each.
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| Centro Apartments, National City, CA |
Community amenities include a fitness center, business
center, structured parking, and a barbeque area. At six stories high, it is the
only Class A mid-rise development in the South Bay area.
The
HFF team representing the borrower was led by director Zach Koucos.
“There continues to be great competition in the capital
markets for quality multi-housing assets such as these two properties. This was
an example where a regional bank offered terms superior to the Agencies, life
companies, and conduits in order to win the business,” Koucos said.
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| Harborview Apartments, National City, CA |
PCD
Capital Group and Birge & Held Asset Management own and manage market rate
and affordable housing communities throughout the Midwestern and Western United
States.
Andrew Held and David Ross oversaw the
Harborview and Centro transactions for the borrower.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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