Fullerton, Calif.—Financing provider Hunt Mortgage Group recently announced that it has provided $13.3 million for the refinancing of a multifamily property in Fullerton. Known as Hudson Ridge Apartments, the asset is owned by PRH II, LP, a California Limited Partnership. The financing was provided through a Fannie Mae loan facility that has a 10-year term with amortization based on a 30-year schedule with four years of interest only.
Located at 1838 West Commonwealth Ave. in Fullerton, the garden style apartment community consists of five, two-story buildings that stand on a 2-acre land parcel. Its position offers residents easy access to the I-5 and State Route 91, as well Commonwealth Avenue and Brookhurst Road. Resident amenities include laundry facilities as well as 94 parking spaces.
Currently operating at more than 90 percent occupancy, the 1962-built community consists of 58,468 square feet of rentable space. Its 148 units claim an average rent rate of $1,118, Yardi Matrix data shows.
Image courtesy of Yardi Matrix