Schwartz, who arranged the financing through a local bank, tells GlobeSt.com that Cams LLC of Orange County has owned the apartment building at 2665 Clark Ave. in Norco for some time, with a long-term ground lease under the building. The ground lease on the facility, which was constructed in 1986, was owned by an entity related to Cams and had 38 years remaining on its 55-year term. Schwartz says that collapsing the ground lease and converting the property to fee simple ownership by Cams enabled the borrower to obtain maximum loan proceeds for the complex, which is for residents age 55 and older.
The borrower secured a 15-year, non-recourse loan that is fixed at just under 4.7% for the first three years and then floats over 6-month LIBOR for the remainder of the term.
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