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(Read more on the debt and equity markets and the multifamily market .)

SANTA ANA, CA-The Bascom Group closed on a loan within two weeks to assure acquisition funding for a 100-unit apartment complex after the original conduit lender backed out but Capmark stepped in to fund the deal. Bascom’s new asset is the Harbor Terrace Apartments at 1314 N. Harbor Blvd., which it bought from Donbev Prop II LTD for $15.7 million in a transaction that was arranged by John Walsh from Marcus & Millichap.

Bascom’s Jeffrey Fuller and Marc Desbans oversaw the deal internally, working with Brian Eisendrath and Troy Tegeler from CBRE Melody to provide debt and equity financing. The loan was provided by Capmark Finance Inc. through the team of Adrienne Miller, McCay Major, Timothy Whiting, Rose Hernandez and Sallie Drumheller.

Fuller notes that the new financing from Capmark was arranged “in under two weeks after our initial conduit lender backed out of the transaction due to the volatility in the debt markets.”

Irvine-based Bascom has named MacBeth Apartment Systems for property management and Commercial Services Building Inc. to provide the construction management services for its new complex.

Bascom sees upside in renovations and rent growth in supply-constrained Orange County. The company cites the significant barriers to entry and the limited land available in infill areas of this mature market, along with high construction costs that also present a barrier to entry.

The Harbor Terrace complex was built in 1988 and consists of three two-story buildings totaling approximately 83,800 rentable sf spread over two acres. Its amenities include a clubhouse, a spa, a swimming pool, ample garage parking, a leasing office, laundry facilities, a tot lot and what Fuller calls “a very desirable unit mix” of 80% two-bedroom, two-bathroom units.

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