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RANCHO CUCAMONGA, CA-The owners of the 236-unit Fairway Palms Apartments have closed on a $22.1 million loan via Freddie Mac that pays off a maturing loan for the complex. The new deal is a seven-year, adjustable-rate mortgage, according to the New York City office of Holliday Fenoglio Fowler, which arranged the financing.

According to senior managing director Whit Wilcox of HFF, the previous financing was a loan that the borrower had with a portfolio lender. Wilcox says that the loan illustrates that, “Even in the most challenging credit market environment, superior properties will attract capital at favorable levels.”

Fairway Palms Apartments is located at 11201 Fifth St., less than a mile from Interstates 10 and 15. Wilcox says that the complex enjoys strong operating results and that the financing of the property underscores that Freddie Mac has continued to provide capital to the multifamily sector throughout the downturn and the disarray in the capital markets.

The Fairway Palms complex was completed in 2002 and is 94% leased. Its units consist of apartments from one to three bedrooms that average 928 square feet. Community amenities include a swimming pool, a fitness center and a clubhouse, plus access to the amenities at the adjacent Ironwood Apartments.

Despite generally weakening apartment market conditions within the Inland Empire, complexes in the Rancho Cucamonga and Upland submarkets of the region are outperforming the rest of the region in terms of occupancy rates, according to the latest apartment market review and forecast by Marcus & Millichap. The Marcus & Millichap report says that the Rancho Cucamonga properties outperform because of their proximity to job centers and lower competition from foreclosures turned into rentals, which is putting pressure on rental properties in other parts of the region.

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