NORTHRIDGE, CA—A private investor has secured $32 million through a life company for the refinance of Park Parthenia Apartments, a 447-unit apartment complex. The investor sought the non-recourse loan to refinance an existing CMBS loan.
“This property was a little unique for most of our life company lenders; however, the property consistently outperforms the market, the borrower is very strong and the lender saw real value in the proposed financing,” says Pacific Southwest Realty Services‘ Ted Willis, who, along with his colleague Scott Clark, secured the loan on behalf of the investor. “By pairing the right property with the right lender, and with the assistance of an exceptionally proactive and experienced borrower, we were able to lock rate and close this transaction in only 46 days.”
Set on a near 10-acre lot, the apartment complex has 48 total buildings, ranging in size from four to 32 units. The property features onsite parking and laundry as well as a community center, swimming pool and gated access. Willis and Clark arranged a 10-year loan with a 25-year amortization and a low, 4% fixed interest rate. The investor has hired the firm to service the loan through maturity.
Many property owners are looking to refinance soon-to-mature loans while interest rates are still relatively low, and it isn’t just in the multifamily sector. GlobeSt.com recently reported an uptick in retail properties seeking senior-debt loans after Lucent Capital secured several loans totaling $32 million for separate, unrelated retail property owners in Los Angeles and Montana. Likewise, Columbus Pacific Properties secured $37 million in loans to reposition two shopping centers in Arizona and California.