Johnson Capital Sets $174M for CA Portfolio

CALIFORNIA-Johnson Capital says Dave Susank and Neal Churney in Johnson Capital's Phoenix office have arranged $174 million in financing for a portfolio of seven different multifamily and mobile home park properties located in California.

The portfolio consists of three multifamily properties containing 936 units and another four mobile home park properties containing 577 pads.  The class A apartments and five-star parks are located in various “A” locations throughout Northern and Southern California.

The borrower, Rutherford Investments, is a major regional investor and operator of multifamily and mobile home park properties throughout California. Its strategy is to purchase high-quality properties in excellent locations and maximize value by utilizing their “best-in-class” management expertise. 

The loans range in size from $10 million for the 126-unit Villa Huntington Mobile Home Park in Huntington Beach , CA to $65,000,000 for the 428-unit Alicante Apartments in Aliso Viejo, CA.

The notes were for the following properties:

$65,000,000 for the Alicante Apartments, 428 units, Aliso Viejo

$47,500,000 for the Ballena Village Apartments, 392 units, Alameda

$14,226,000 for the Americana Mobile Home Park, 175 pads, Paramount

$13,700,000 for the Rancho Vista Mobile Home Park, 168 pads, Sonoma

$13,662,000 for the Plum Tree Apartments, 116 units, Martinez

$10,160,000 for the Vista Green Valley Mobile Home Park, 157 pads, Vista

$10,000,000 for the Villa Huntington Mobile Home Park, 126 pads, Huntington Beach

Each of these permanent loans have fixed rates with ten-year terms and are interest only. They were provided by Fannie Mae through Walker & Dunlop.

Commenting on the challenges of these transactions, Susank said, “The quality of the underlying assets and the excellent reputation of the borrower allowed us to create a highly competitive environment for the loans.  Ultimately, Fannie Mae proved to be the best fit, but we saw aggressive quotes from Freddie Mac as well as several national banks and life insurance companies.”

Celebrating its 25th anniversary as a leading commercial real estate capital advisory firm, Johnson Capital provides a variety of real estate financing services including debt placement and acquisition financing. The firm is a leading national commercial real estate capital intermediary with direct lender relationships through Fannie Mae, Freddie Mac, HUD and many insurance companies. Johnson Capital's transactions have ranged in total funding from $1 million to over $300 million and have financed all property types, including: multifamily, office, retail, industrial and hotels. Since its inception in 1987, Johnson Capital's aggregate transaction volume has surpassed $36 billion. Johnson Capital is one of the country's top real estate capital advisory firms with 20 locations nationwide.