MG Properties has secured a $32 million loan to refinance an apartment property in El Cerrito, California. The loan was secured through Freddie Mac's floating rate financing program.
Built in 1993, the 135-unit Del Norte Place Apartments is comprised of four, four-story residential buildings and 18,901 square feet of commercial space on a 3.5 acres of land. MG Properties is planning $3.7 million of capital improvements during the next two years.
KeyBank Real Estate Capital's Peter Kurzeka and Brooks Benjamin secured the funds on behalf of the borrower.
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