TODAY’S DEALS: HFF Arranges $23.28M Refinancing for 260-Unit Rental Community, and Other Transactions
- May 18, 2009
By Anuradha Kher, Online News EditorRancho Cucamonga, Calif.–HFF (Holliday Fenoglio Fowler, L.P.) recently arranged a $23.28 million refinancing for Ironwood Apartments (pictured), a 260-unit multifamily community in Rancho Cucamonga, Calif.Working on behalf of institutional investors advised by J. P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corporation (Freddie Mac). Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender. HFF recently closed on a $22.1 million financing for the adjacent Fairway Palms Apartments. Located at 11100 4th St., Ironwood Apartments is less than one mile from the Interstate 10 and 15 freeways about 40 miles east of downtown Los Angeles in Rancho Cucamonga. The 94 percent leased property has one-, two- and three-bedroom units averaging 920 square feet each. Residents of Ironwood and the adjacent Fairway Palms (also owned by the borrower) have access to amenities at both properties including swimming pools, fitness centers and clubhouses.162-Unit Rental Property Receives $3.575M LoanDallas–Aries Capital has completed a $3,575,000 loan for LaVita, a multifamily property in Dallas. A local Texas bank provided the investment.The 162-unit, 85,100-sq.-ft. property on Lovers Lane was constructed in 1973. The property features one- and two-bedroom units, a clubhouse, pool, fitness center, and business office. Aries Capital arranged the three-year, fixed rate loan with a 20-year amortization period. The loan-to-value ratio of the transaction was 53 percent. This refinance allowed the Borrower to complete the renovation and use some of the proceeds for renovation on another project.