Bertram Partners Lands $72M Refi for CA Properties
- Jan 21, 2019
Bertram Partners Inc. has secured $72 million in financing for three affordable communities in Orange County, Calif.—Continental Gardens in Stanton, as well as Stuart Drive and Rose Garden in Garden Grove. HFF arranged the loans through Freddie Mac.
The two 15-year, fixed-rate loans will be used to refinance existing debt on the assets. The financing for Continental Gardens is valued at $41.3 million, and for Stuart Drive and Rose Garden the total came to $30.7 million. The properties are operated as one and are 99 percent occupied as a whole. Bertram Partners has owned all three communities since redeveloping them in the mid 1980s.
Located at 8101 Cerritos Ave., Continental Gardens offers 297 one-, two- and three-bedroom units, ranging from 933 to 1,336 square feet. The community comprises 98 two-story buildings situated on a 20.8-acre site. Features include a clubhouse, a playground, two swimming pools, 19 laundry facilities, private balcony/patios and 450 parking spaces.
Stuart Drive is situated at 11632 Stuart Drive. The property features 95 one- and two-bedroom apartments, ranging from 650 to 850 square feet. The community comprises 11 two-story buildings across a 2.6-acre site. The asset offers nine laundry facilities, 143 covered parking spaces and a rental office.
Located at 9645 Westminster Ave., Rose Garden offers 144 two- and three-bedroom units, ranging from 900 to 1,300 square feet. The community features 36 two-story buildings on a 4-acre site. Common area amenities include a playground, a swimming pool, laundry facilities, private balcony/patios and 215 parking spaces.
The HFF debt placement team that arranged the financing included Director Jamie Kline and Analyst Nicholas Lench. Earlier this month, HFF arranged $23.5 million in refinancing for The Standard, a 134-unit Class A community in Scottsdale, Ariz., also through Freddie Mac.
Image courtesy of Yardi Matrix