California Community Receives $12M Refi

CBRE’s San Diego office arranged the 10-year, fixed-rate loan through Fannie Mae, on behalf of the borrower, United Development Group.
Hunter Place Apartments. Image courtesy of CBRE

CBRE’s Capital Markets’ Debt & Structured Finance team has arranged $11.9 million in refinancing for Hunter Place Apartments, a 200-unit, garden-style community in Fresno, Calif. The firm’s San Diego office arranged the 10-year fixed-rate loan through Fannie Mae, representing the borrower, United Development Group, who bought the property in 2003.

Hunter Place Apartments occupies 8.9 acres at 1050 W. Griffith Way, near freeways 41, 180 and 99, approximately 7 miles from Fresno Yosemite International Airport and around 5 miles from the city’s downtown. The community also offers convenient access to recreational areas, such as the Quigley Playground and the Fresno Zoo.

Built in 1974, the community comprises 32 buildings and a mix of one- and two-bedroom units, averaging 723 square feet. The list of amenities includes:

  • fitness center
  • business center
  • kids park
  • swimming pool
  • barbecue areas
  • covered parking
  • laundry facilities

The CBRE team included Senior Vice President Mark McGovern, Vice President Brian Cruz and Senior Production Analyst Morgon Fraser. Earlier this year, the firm arranged a $700 million loan for a nine-property national portfolio.