SANTA ANA, CA-BlackRock Realty has secured a $35 million loan to refinance the 349-unit Adagio at South Coast Apartments. The New York-based investment adviser sought the refinancing to secure a more favorable rate, according to the New Jersey office of Holliday Fenoglio Fowler, which arranged the deal.
Jon Mikula and managing director Jim Cadranell placed the fixed-rate loan through Principal Global Investors on behalf of BlackRock. The Adagio at South Coast Apartments, at 3124 S. Main St., comprises apartments and town homes of one and two bedrooms that average 740 sf. Amenities include a laundry facility, a business center, a pool, a whirlpool and a fitness center.
BlackRock acquired the property on behalf of a client in 2000 and since then has significantly improved occupancy and net operating income, according to Mikula. Built in 1974, the complex was renovated some years later at a cost of $20,000 per unit, according to a GlobeSt.com report in 2001.
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