San Diego San Diego

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.

 

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.