$8.85M Finances Apartment, Renovations

FULLERTON, CA-A private real estate company has secured $8.85 million in financing to fund the purchase and rehabilitation of the 88-unit Citrus Pointe Apartments at 2444 Orangethorpe Ave., according to Johnson Capital, which arranged the funding.

S. Amos Smith of Johnson Capital tells GlobeSt.com that the $8.85 million includes a $6.9 million loan and $1.95 million in equity financing.The loan floats over the 30-day LIBOR and provided in excess of 80% of the total cost of the purchase and the renovations combined, Smith says. An institutional joint venture equity partner provided the $1.95 million in equity, which represented the majority of the remaining funds needed to capitalize the transaction, Smith says.