(Save the date: RealShare Apartments comes to theWestin Bonaventure, Los Angeles, October24.)
GOLETA, CA-Prudential Huntoon Paige, theFHA-insured lending business of Prudential Mortgage CapitalCo., has closed a $31.5-million FHA loan on behalf of theTowbes Group to refinance the SumidaGarden Apartments here, as well as a $20.7-million FHAloan for CreekBridge Apartments in Salinas, CA.The 200-unit complex here, just outside of Santa Barbara, was builtby the borrower in 2008-2009 and includes 34affordable-housing units, while the 220-unitSalinas property was built in 2005.
For Sumida Garden Apartments, the new, 35-year, fully amortizingloan replaced the construction loan used todevelop the property. To complete the transaction, the deal teamnegotiated for several months and worked with the City ofGoleta and Santa Barbara County to helpensure the transaction met legal requirements from theDepartment of Housing and Urban Development.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
