An apartment building in Long Beach has received a $ 24.6 million refinancing.
The property known as Patio Gardens is located at 4874 E. Los Coyotes Diagonal and has 127 units. The name of the borrower was not disclosed.
NorthMarq’s Aaron Beck arranged funding with Fannie Mae and NorthMarq’s DUS platform.
According to NorthMarq, it is a non-recourse, long-term loan with low interest rates.
“The loan returned equity to the borrower at a very attractive fixed rate,” Beck said in a statement. “The long-term non-recourse loan also enabled the borrower to stagger the loan periods within his portfolio.”
It’s not the only major construction loan to be announced this year.
Chicago-based Singerman Real Estate and San Diego-based Darnell Capital recently received $ 23 million mortgage lending for a project on the Palos Verdes Peninsula known as Peninsula Pointe.
The project, a refurbishment of an empty office building, will include 87 units for assisted living and memory maintenance. The facility is operated by Cadence Living of Phoenix.
Also that year, Columbia Pacific Advisors provided a $ 27 million bridging loan to recapitalize the Hyatt Hotel Nue in Hollywood.
S3D Partners owns the hotel at 1525 N. Cahuenga Blvd.
Earlier this month, Brentwood-based Hudson Pacific Properties Inc. and New York-based Blackstone Group Inc. received a $ 1.1 billion loan for their Hollywood portfolio.
The money was provided by Bank of America Corp., Barclays, Wells Fargo Bank, and Societe Generale.
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