LOS ANGELES—A group of local investors has secured $25.3 millionin Fannie Mae loans through the refinance of asix-property multifamily portfolio in Los Angeles.The borrower plans to use the proceeds from the loan to fun futureinvestments in the L.A. area.

The six properties are located at 8916 and 8926 Burnet Avenue,9237 Van Nuys Blvd., 11120-22 Arminta Street, 1215-25 N. CherokeeAve., and 6729 Cleon Ave. The loan sizes for each of theseproperties ranged from $2.4 million to $5.5 million. The BurnetAvenue properties have amenities like a swimming pool, onsitelaundry facilities and parking for residents. The remainingproperties, which range in size from 27 to 52 units, offer onlyonsite parking.

Centerline Capital Group secured the loan onbehalf of the borrower. The loan has a 10-year term with a 30-yearamortization and a five-year interest-only payment. According toRick Warren, a managing director at Centerline,these loans were challenging because it required all six propertiesto close at once. In addition to Warren, Centerline's AnaRamos, Irma Olguin, Janine Soto, Kim Caldwell andApril Swan-Rosney also worked on the deal. Theteam was able to close the loan for all six properties in a meresix days after locking the rate.