Legacy Partners Refinances $37M Loan for SoCal Community Makeover

The company has received HUD approval to refinance a loan from Greystone and plans to renovate a 209-unit property In West Covina, Calif., that it has owned and managed since 2007.
The Verandas Apartment Homes, West Covina, Calif.

The Verandas Apartment Homes, West Covina, Calif.

Legacy Partners has received approval from the Department of Housing and Urban Development to refinance a $37 million loan from Greystone in order to complete the renovations of The Verandas, a 209-unit apartment community in West Covina, Calif. Legacy Partners has owned and managed the 180,000-square-foot property since 2007.

Located at 200 N. Grand Ave., just off Interstate 10 and with easy access to Highway 57, the community features one, two and three-bedroom apartment homes. The property is some 20 miles from downtown Los Angeles and a five-minute drive from Mt. San Antonio College and retail amenities at Eastland Center.

The makeover includes upgrades to the exterior, all units, the clubhouse and pool area, as well as the dog park, barbecues and outdoor dining areas. Units will feature upgraded cabinets, new wood panel floors, improved lighting and stainless steel appliances. Legacy Partners has contracted Costa Mesa-based interior design firm Commercial Design Solutions to handle the efforts.

Legacy Partners manages a portfolio of more than 60 multifamily communities totaling more than 14,000 apartment homes, including the recently added 183-unit SoCal community ONYX Glendale.

Image courtesy of Legacy Partners