IPA Secures $24M Refi for OC Community
- Feb 09, 2018
Institutional Property Advisors (IPA) has secured $24 million in refinancing for Castlewood Park, a 184-unit community in Buena Park, Calif. The debt placement was locked at below-market-rate interest and structured with five years of interest-only followed by a 30-year amortization. The five years are fixed at 3.7 percent.
Located at 6968 Campus Drive, the community is just off the intersection of Interstate 5 and Riverside Freeway. The property is within 25 minutes of Los Angeles and Irvine, and provides easy access to several airports, including the Los Angeles International Airport, John Wayne Airport and Long Beach Airport. Castlewood Park is also less than five miles away from Disneyland Park. Completed in 1963, the 46 two-story buildings offer a mix of two- and three-bedroom units, averaging 1,050 square feet. Units feature private balconies/patios and semi-private entries. Communal area amenities include:
- tennis court
- two swimming pools
- three laundry facilities
- 323 covered parking spaces
“We worked with the existing lender and a new capital source to secure special funding and recording on the only available payoff date for the previous loan,” said Michael Derk, senior managing director at IPA, in prepared statements. “Faced with a rising interest rate environment, we put our lender relationships to work to secure the best financing available.”
Derk, together with Nick Gray, associate director, secured the financing for the property.
The company also recently brokered the $40 million sale of Statler Arms, a 295-unit apartment building in downtown Cleveland.
Image courtesy of Yardi Matrix