Long Beach, Calif.—Bellwether Enterprise Real Estate Capital LLC has completed the refinancing of a residential community in Long Beach. The company, a subsidiary of Enterprise Community Investment Inc., provided a $22.8 million refinance loan through Fannie Mae on behalf of owner Howard Chapman.
The property is located at 3787 East 11th St. in Long Beach. The 1985-built garden-style community is made up of 18 three-story buildings and offers a unit mix of studio, one, and two-bedroom townhomes. The resident amenity package includes rooftop views, gas-burning fireplaces, vaulted ceilings with fans, walk-in closets, and a full range of appliances including dishwashers and gas stovetops. Laundry facilities, a clubhouse, a pool and spa are also part of the offering.
Bellwether representatives Jason Krupoff and Doug Taylor originated a 10-year, fixed-rate loan with only full-term interest-only through the Fannie Mae Green Rewards program. The 119,458-square-foot, 156-unit community claims an average rent of $1,673 per unit and is currently operating at 98.7 percent occupancy, according to Yardi Matrix data.
In order to satisfy the terms of the refinance measure, the owner will conduct a number of changes and improvements at the facility over the following couple of years. Water efficient fixtures like low flow faucets, new landscaping, sprinkler system and drought-tolerant plants will be installed in order for the preferential interest rate to be available. The community’s laundry facilities will also be fitted with Energy Star washers/dryers as part of that program.
Image courtesy of Yardi Matrix