ONTARIO, CA-Johnson Capital has arranged a $19.7-million loan secured by a 168-unit multifamily property called Woodmere Apartments. The FHA loan was provided by Johnson Capital Huntoon Hastings and carries an extremely low fixed rate for the 35-year term. Additionally, the loan is non-recourse and open for prepayment at par after year 10. The debt is being used to refinance the property by the owner, a local investor.
Woodmere Apartments is a garden-style property consisting of 21 buildings built in 1986. The owner has adopted “an aggressive upgrade plan that includes; new fixtures, kitchen appliances, flooring, and updated lighting scheme throughout the units.”
Greg Richardson, managing director in Johnson Capital’s Irvine office, who worked on the deal with Scott Watson, VP, says that “the FHA financing provided our client with capital to significantly improve the asset while locking in a very attractive long-term interest rate.”
The property is located at 910 W. Phillips St., near the intersection with Mountain Avenue, approximately one half mile south of Holt Ave and about two miles west of the Ontario International Airport.
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