Barry Petro of L.J. Melody & Co., who arranged the loan, tells GlobeSt.com that the seven-year loan was granted at a 63% loan-to-appraised value ratio and is a 6.15% interest-only loan for the entire term. Melody provided the funding and subsequently sold the loan to Freddie Mac.

Petro tells GlobeSt.com the property was built from December 1991 to August of 1993 in two phases and consists entirely of two-bedroom and three-bedroom units. It comprises 186 two-bedroom, two-bath units of 1,000 sf each, 150 two-bedroom, two-and-a-half bath units of 1,025 sf each, and 78 three-bedroom, two-bath units of 1,250 sf. Each unit has its own detached garage.

The development consists of 57 buildings occupying 29 acres. It was 98% occupied at the time of the refinancing, with rents ranging from $920 to $1,100.

Houston-based Melody is a company of CB Richard Ellis. It has arranged $15 billion in commercial real estate transactions nationwide over the past two years.

The Oasis property is about half a mile from Loma Linda University, known for its medical research and for related health care facilities in Loma Linda, which is a city of about 20,000 in Riverside County. The city has made an effort in recent years to build upon this reputation by attracting health care-related companies, along with other business development such as office parks and shopping centers.