JV Secures $26M in Financing for CA Community
- Jan 21, 2019
A joint venture of Harbert Management Corp. and a local investor has secured $26 million in financing for the acquisition of Cypress Village, an 88-unit community in Buena Park, Calif. Northmarq arranged the bridge loan, which was structured with a 24-month, interest-only term, on behalf of the buyer.
Situated at 6343 Lincoln Ave., Cypress Village is near freeways 39 and 91, around 23 miles from downtown Los Angeles and 20 miles from downtown Irvine. The area offers many dining, shopping and entertainment options at retail centers such as Cypress Plaza and Anaheim West Shopping Center. The community is also situated approximately 14 miles from Long Beach.
Built in 1962, the 24-building property comprises 88 two-bedroom units, averaging 900 square feet. Communal area amenities include controlled access, a clubhouse, a playground, a swimming pool, laundry facilities and 160 parking spaces, according to Yardi Matrix. Additionally, the buyer plans to upgrade the apartment units, exteriors and communal areas.
“Our client identified this property as a seamless fit for their business model and sought a bridge loan to complete the acquisition and fund property renovations,” said Nate Prouty, senior vice president & managing director at NorthMarq, in prepared remarks. “The lender was able to bring an appropriately structured and attractively priced option to the table to support the borrower’s business plan.”
NortMarq’s team included Prouty, and Vice Presidents Andy Slaton and Briana Harney. In December of last year, the firm arranged $41 million in financing for the construction of a 154-unit property in Canoga Park, Calif.
Image courtesy of Yardi Matrix