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[IMGCAP(1)]STANTON, CA-Bertram Partners Inc. has landed a new $25.24 million mortgage to retire the bond financing on its 297-unit Continental Garden Apartments here, according to the Irvine-based Orange County office of Holliday Fenoglio Fowler, which arranged the new financing for the affordable housing complex. HFF managing director David Bleiweiss worked on behalf of Bertram Partners to arrange the new financing, which is a 10-year fixed-rate loan through Wachovia Capital.

[IMGCAP(2)]Bertram Partners Inc. is a private multifamily owner and operator based in Laguna Hills. Its Continental Garden Apartments is located at 8101 Cerritos Ave., close to the Santa Ana and Garden Grove freeways in the northwest Orange County town of Stanton. The property comprises 98 buildings with units ranging from one to three bedrooms and averaging 1,000 square feet each. The complex is 99% leased at rents set by regulatory agreements from both the City of Stanton and the California Tax Credit Allocation Committee at 60% of area media income.

Bleiweiss notes that, “Despite the downturn in the economic climate, financing for multifamily properties has remained fairly steady, despite the credit squeeze for other property types.” He adds that HFF “has been very busy consistently arranging and closing both Freddie and Fannie loans for multifamily product across the country.”

The demand for affordable housing is so strong that neaerly 4,000 applicants signed up for a waiting list when Anaheim-based Jamboree Housing Corp. recently developed its 71-unit Granite Court affordable housing complex in Irvine, according to Jamboree officials. Granite Court is Jamboree’s 50th property and was also designed as a green building, noted Laura Archuleta and Michael Massie, Jamboree’s president and its housing development manager, respectively, when the company recently held the grand opening of the project.

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