San Diego County
Bethany Summit
The Orange County office of HFF has arranged a $12.18 millionbridge loan for Bethany Summit Apartments, a 114-unit garden-styleapartment complex in Oceanside. HFF director Mark Erland worked onbehalf of the borrower, Village Investments, to secure the bridgeloan through M&T Realty Capital Corp. The purpose of the loanwas to provide economical financing to allow time to process a FHA223(f) take-out next year. M&T Realty Capital provided a60%-of-cost, non-recourse bridge loan at 5.5% interest only, withno prepayment penalty for an M&T-provided FHA or Fannie Maetake-out loan. Erland describes the financing as "a much moreefficient execution than many bridge loans with higher rates,recourse, and/or significant prepayment penalties or lockouts." Thetransaction was significant in that it was the first loan closedunder a new bridge loan program at M&T, with which HFF has acorrespondent relationship. Erland and Charles Halladay co-led thefinancing efforts for Sean Deasy’s multifamily team, which is basedin HFF’s Orange County office. Bethany Summit is located at 3634College Blvd., about four miles from the coast in Oceanside. Theproperty comprises 10 buildings of two and three stories along witha single-story management office/fitness center. The recentlyrenovated complex is at 95% occupancy.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
