E&S Ring Lands $96M Refi For 1,500-Unit SoCal Portfolio
The properties are throughout Los Angeles and the Inland Empire.
E&S Ring has obtained a $95.8 million refinancing loan for a six-property portfolio comprising 1,461 units throughout Los Angeles and the Inland Empire.
Northmarq arranged the note issued by Voya Investment Management, the same lender that previously financed four of the properties in 2007. The debt is structured as six separate, non-cross-collateralized loans combining fixed and floating rates during the interest-only payment period. Flexible prepayment options are available.
The properties debuted between the mid-to-early 60s and the mid-80s. According to Northmarq, E&S Ring has continued to own, manage and reinvest across these communities throughout the years.
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The portfolio includes:
- Mountain Vista, a 400-unit property at 15450 Nisqualli Road in Inland Empire’s town of Victorville, Calif.
- Rancho Los Feliz, featuring 317 apartments at 3205 Los Feliz Blvd.
- Villa Vicente, a 276-unit community at 5351 W. San Vicente Blvd. in Los Angeles’ Mid-Wilshire neighborhood, where Blackstone just sold an asset at a 33.3 percent discount
- Sunset Barrington Gardens and Casa Granada, two properties comprising 183 and 168 apartments, respectively, at 233 S. Barrington Ave. and 550 S. Barrington Ave., within walking distance of one another in Los Angeles’ Brentwood district
- Meadows South, a 117-unit community at 6300 Green Valley Circle in Culver City, Calif.
Slaton, together with Northmarq Managing Director Nathan Prouty and Senior Investment Analyst John Holt, arranged the debt placement. Northmarq will also service the six loans, continuing a business relationship with E&S Ring that goes back more than three decades.
Multifamily loan origination’s pre-rate hike momentum
Multifamily U.S. debt origination increased 32 percent year-over-year to $381.8 billion in 2025, according to MBA’s 2025 annual report. Issuance continued to improve, ticking up 24 percent during 2026’s first half compared to the same period of 2025, MBA’s quarterly originations index shows. However, the Fed’s rate hike could soften prospects toward the end of the year.
Still, debt deals continued to close, going into the last quarter of 2026 as well. Earlier this month, Lincoln Property Co. and McCourt Partners secured a $132.7 million construction loan to build a 344-unit project in Culver City. Bank OZK provided the debt.
