BERKELEY, CA-A $33 million life insurance company loan has refinanced a newly built, 148-unit apartment complex here, according to CBRE's capital markets division, which arranged the financing. The property is called the New Californian Apartments, at 1988 Martin Luther King Jr. Dr.
Lead analyst Michael Walker and EVP John Nelson of CBRE Capital Markets in San Francisco originated the loan on behalf of the borrower, 1950 MLK LLC. The mortgage carries a fixed note rate of sub 4%, non-recourse, over the term of the loan, which took out a bank construction loan.
The New Californian is a two-building, five-story complex with units of one and two bedrooms ranging from 641 to 943 square feet, plus ground-floor retail that includes a Trader Joe's and is slated for a caf
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