LA MESA, CA-Orange County-based investment firm JH Real Estate Partners has acquired the 124-unit Central Park apartments with a $14 million loan arranged by Manhattan Beach-based Venture West Funding, according to Venture West. JH bought the property from Nordbank of Germany, which acquired it in November 2009.
According to Venture West senior vice president Don Simkins, who arranged the financing through CapitalSource for JH Real Estate, the financing is a five-year fixed, non-recourse loan amortized over 30 years. "The loan has prepayment flexibility as well as borrower-required leverage," Simkins says. CapitalSource is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. It is lending on loan amounts from $750,000 to $15 million on stabilized, well-located properties in California.
The Central Park apartments were built in 1989 and completely renovated to condos in 2006. The complex consists of seven buildings on 12.63 landscaped acres. Amenities include swimming pools; spa, fitness and business centers; and a clubhouse.
The new asset adds to a JH Real Estate portfolio that includes more than 3,000 multifamily units and 360,000 square feet of retail space that the Orange County-based firm owns and manages.
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