Los Angeles Area Residential Properties Secure Loan Deals
- Aug 31, 2013
Top financing firm Johnson Capital recently announced that it has provided deals for a seven-property multifamily portfolio, including mobile home parks, a few of which are located around Los Angeles. The national real estate capital advisory firm recently released a statement announcing that a total of $174 million had been arranged for the properties by representatives from its Phoenix, AZ office. Dave Susank and Neal Churney are the two Johnson Capital employees handling the financing deals.
Johnson Capital worked on behalf of regional investor and operator of multifamily properties, Rutherford Investments. The L.A.-area properties involved in the financing process were:
- The Alicante Apartments: a 428-unit residential complex in Aliso Viejo. A loan worth $65 million was taken out for the property.
- The Americana Mobile Home Park: located in Paramount, the park received $14,226,000 in financing.
- The Villa Huntington Mobile Home Park: the Huntington Beach mobile home property received a loan worth $10 million.
The other properties that comprised Rutherford’s portfolio were the Ballena Village Apartments in Alameda, the Rancho Vista Mobile Home Park in Sonoma, the Plum Tree Apartments in Martinez and the Vista Green Valley Mobile Home Park in Vista. All of the seven permanent loans have fixed rates with ten-year terms and are interest only. Johnson Capital secured the loans from Fannie Mae through Walker & Dunlop.
According to Mark Susank of Johnson Capital, “the quality of the underlying assets and the excellent reputation of the borrower” were key in securing the loans as they provided a great environment for the financing process.