GARDEN GROVE, CA-The owner of a 239-unit apartment complex inthis Orange County city has supplanted higher-rate bond financingwith a new $20 million, 10-year loan in the 4% interest range,according to Holliday Fenoglio Fowler, which arranged therefinancing. HFF managing director David Bleiweiss reports thatBertram Partners Inc.’s new 10-year loan is a fixed-rate Fannie MaeDUS financing. The new loan replaced higher-rate bond financingthat was previously encumbering the property.

“This allowed the borrower to significantly reduce his interestcosts to today’s rates in the four-percent range,” Bleiweiss said.The property that was refinanced is Rose Garden Apartments, locatedat 9645 Westminster Ave. and 11632 Stuart Dr., close to the GardenGrove Freeway, Interstate 5, Huntington Beach and Santa Ana. Theproperty is an affordable housing complex and maintains, onaverage, 97% occupancy.

Irvine, CA-based Bertram Partners Inc. is the owner and managinggeneral partner of approximately 2,000 conventional and affordableapartment communities in both Southern California and Arizona.Bleiweiss notes that Bertram is actively seeking to acquireadditional properties in both locations.