$49M Finances Seniors Apartments

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LOS ANGELES-Owners of four seniors apartment complexes totaling 760 units have secured $49.3 million in acquisition financing, according to CBRE | Melody. The properties are in Monrovia, Lakewood, Whittier and Diamond Bar.The acquisition financing was arranged by Troy Tegeler and Sharon Kline of the Newport Beach office of CBRE | Melody on behalf of 1315 Meadow LP, 1024 Royal Oaks LP and 3200 Lakewood LP, with the loans subsequently to be purchased by Freddie Mac.All three of the borrowers are affiliates of Korda Construction/RPK Development. The portfolio represents the sixth through ninth transactions between Freddie Mac and the borrower. Terms of the financing included nine-plus-one-year terms at interest rates that range between 5.46% and 5.49%.The properties, formerly known by the Seasons name but now renamed Whispering Fountains, are age restricted to renters 55 years and older and are designed for independent living. Tegeler and Kline note that the properties include units designated for very low income, low income, and moderate income residents under a set of deed restrictions that remains in effect until Dec. 1, 2025.The four properties are the 241-unit Whispering Fountains in Monrovia, the 201-unit Whispering Fountains in Lakewood, the 169-unit Whispering Fountains in Whittier and the 149-unit Whispering Fountains in Diamond Bar.The four properties, all garden-style complexes, were all built in 1989. The Diamond Bar property was 100% leased at the close of financing and the others were all approximately97% leased.