IRVINE, CA— has learned exclusively that locallybased Western National Group has obtained a$175-million Fannie Mae credit facility fromCenterline Capital Group torefinance a five-property Californiamultifamily portfolio in Lake Forest, Upland andOntario. The properties are all described as in excellent conditionand well located within their respective submarkets.

| has learned that therefinance is being used to pay off existing bonds and refinancecosts directly. Also, the borrower is "extremely diligent onupdating its properties and has a very extensive update/improveprogram across all its properties," according to thefirm.


The properties include:

  • Emerald Court Apartments in Lake Forest, acommunity of 32 two-story buildings with 288 units plus asingle-story leasing office/clubhouse built in 1986 over 22.9acres.
  • Westridge Apartments, also in Lake Forest, acommunity of 39 two-story buildings with 390 units plus asingle-story leasing office/clubhouse built in 1988 over 25.5acres.
  • Spring Lake Apartment Homes, also in LakeForest, composed of 19 two-story buildings with 180 units plus asingle-story leasing office/clubhouse, built in 1986 over 15.9acres.
  • Mountain Spring Apartments in Upland, whichconsists of one parcel with 13.78 acres on the southwest corner ofFoothill Blvd. and Grove, built in 1986. The property contains 31two-story residential buildings and a single-story leasingoffice/clubhouse.
  • Park Centre Apartments, amixed-use neighborhood composed of 36 two-storybuildings with 404 units plus a single-story leasingoffice/clubhouse, built in 1987 over 18.54 acres.

According to Suzanne Cope, SVP in theaffordable-housing debt division at Centerline Capital Group, “Thisstructured-credit facility with Fannie Mae was heavily negotiatedand very complex due to the nature of the product. It provides forfuture advances, property releases, substitutions, etc.”


Cope adds that the closing was smooth and quick, even with thepayoff and defeasance of several existing bond deals. She also saysthat the local market is stable, with a steady demand forrental housing. Centerline has worked with WNG onmore than 16 properties in and around Orange County.


As reported in January, MichaelHayde, principal of WNG, was on a panel during theIMN Winter Forum on Opportunity and PrivateInvesting in Laguna Beach that said it's more difficult tofind gems in the multifamily arena since all the players are muchsavvier than in the past and competition is fierce. “Plan yourwork, and then work your plan,” said Hayde.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.