ANAHEIM, CA-PPC Anaheim Apartments LLC has refinanced its 768-unit Madison Park Apartments via a $75.5 million Fannie Mae loan arranged by Berkadia Commercial Mortgage. Located on 17.930 acres at 2359 W. Broadway, Madison Anaheim is a garden-style complex that operates at 95% occupancy.
Senior vice president Mitchell Thurston and vice president Andy Ahlers of the Berkadia San Francisco office originated the transaction, which closed within 34 days of application. Thurston noted that Berkadia rate-locked the loan in seven business days, which enabled the borrower to substantially reduce the risk of interest rates.
According to previous reports on GlobeSt.com, the Madison Park complex was built in 1969 and renovated with $14 million of improvements in 2006. The complex comprises 12 three-story buildings and has been described as a resort-style complex with an extensive amenity package. Among these are a lobby/clubhouse and lounge, a fitness center, three pools, a spa, four lighted tennis courts, a billiards/game room, a movie theater, a business center, an aerobics room and banquet facilities. The unit mix consists of seven different floor plans ranging from studio to two bedrooms, at sizes ranging from 361 square feet to 987 square feet.
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