MG Properties Secures Fannie Mae Financing

MG Properties has secured a $39 million loan through Fannie Mae’s green program to refinance the Monte Vista Apartment Homes, a 207-unit San Diego multifamily property. The terms of the loan were not disclosed.

The property was built in 1972 and feature 18 two-story buildings on 14 acres. MG renovated the property in 2018, spending $6 million on renovations for 151 units. MG plans to finish renovations, which will cost about $1 million, to the remaining 56 units.

Peter Kurzeka of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing for the property.