OAKLAND, CA-Arbor Commercial Mortgage recently completed a $2.83-million refinancing of the 69-unit President Apartments in the Lake Merritt area. Vincent M. Cardamon, a locally based senior loan officer with New York-based Arbor, tells GlobeSt.com the 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.95%.

The apartment complex is owned by a limited partnership consisting of Aaron Klien and Charlie Janda. The partnership is headquartered in Oakland and has more than five other multifamily complexes located in the Bay Area as well as Modesto, Sacramento and Lake Tahoe.

“Presidents Apartments LP took out this loan in an effort to lower their rate from an adjust loan to a fixed, which saved them about 3% overall,” says Cardamon. “With that savings the LP then moved forward to pay for a few improvements including painting the property.”

Adds Cardamom, “These particular owners have more than five other buildings with us, so by lowering rates and moving from an adjustable to a fixed rate offers these and other investors a chance to pull out some cash and use it to better improve their properties.”

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