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FULLERTON, CA-Cornerstone Real Estate Advisers has closed on a new $24 million Freddie Mac loan that repays an existing loan with Cigna Investments on the 183-unit City Pointe Apartments, a Cornerstone property. According to senior managing director Dana Brome and senior real estate analyst Carlos Febres-Mazzei of the Boston office of Holliday Fenoglio Fowler, who arranged the financing, the new mortgage is a five-year adjustable-rate loan. Brome and Febres-Mazzei secured the loan through Freddie’s Capped ARM Program.

City Pointe Apartments is located at 130 East Chapman Avenue near the Riverside and Orange Freeways. Completed in 2004, the property consists of five stories of residential units, averaging 875 square feet each, situated above ground-floor commercial/retail space and a parking garage. The apartments include one-bedroom, one-bath and two-bedroom, two-bath units, according to the web site for the complex, which notes that it is within walking distance of shopping, restaurants, public transportation and other amenities.

The residential portion of the property is 95% leased, according to HFF. Community amenities for residents include a fitness center, pool, media room, business center and community center.

Commenting on the property and its location, Brome notes that City Pointe is located in North Orange County, which is recognized as one of the strongest multifamily markets in the Los Angeles area. Brome cites the area’s “rapid population growth, desirable location and access to local and regional freeways and amenities” as factors that have ensured low vacancy for a number of years at the apartment complex.

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