REDLANDS, CA-Berkeley Point Capital LLC recently closed a $32,700,000 loan for the refinance of Barton Vineyard Apartments, a 296-unit garden-style, class-A, apartment community located in Redlands, San Bernardino County, CA.
Financing was arranged under Fannie Mae's Structured ARM program, which provides an attractive low adjustable rate and flexible prepayment options. This transaction was structured to be a ten-year, 2.31% adjustable-rate loan, with a 30-year amortization schedule. The loan has a one year prepayment lockout, and can either be repaid at a one percent premium or converted to longer-term fixed rate financing. Proceeds will be used to pay-off an existing higher fixed-rate loan. The transaction was closed 35 days after executing the application.
“We are so pleased to once again work with this sponsor on yet another attractive deal. This transaction provided the best possible combination of leverage, pre-payment flexibility, and a very low interest rate,” said Rob Cantizano, Senior Managing Director at Berkeley Point Capital. “We look forward to continuing our partnership with the firm and will continue to demonstrate our ability to execute as promised and in a timely manner.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
