BERKELEY, CA-A $33 million life insurance company loan hasrefinanced a newly built, 148-unit apartment complex here,according to CBRE's capital markets division, which arranged thefinancing. 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 CapitalMarkets in San Francisco originated the loan on behalf of theborrower, 1950 MLK LLC. The mortgage carries a fixed note rate ofsub 4%, non-recourse, over the term of the loan, which took out abank construction loan.

The New Californian is a two-building, five-story complex withunits of one and two bedrooms ranging from 641 to 943 square feet,plus ground-floor retail that includes a Trader Joe's and is slatedfor a caf

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