Sequoia Equities Secures $100M Refi in Orange County
The owner acquired the 484-unit luxury community in 2009; the new financing package retires $60 million in debt.
Sequoia Equities has secured a $100.4 million refinancing package for Alize at Aliso Viejo Apartment Homes, the firm’s 484-unit luxury community in Orange County, according to Yardi Matrix. Walker & Dunlop originated the 10-year Fannie Mae loan, which bears interest at a fixed rate of 4.43 percent.
The new loan retires $60 million in acquisition financing provided through Fannie Mae in April 2009, when Sequoia picked up the asset from Northwestern Mutual Real Estate for $75 million. That mortgage had carried an interest rate of 5.47 percent.
Located at 2 Enterprise in Aliso Viejo, the garden-style community’s 13 buildings are set on 20.8 acres along State Route 73, roughly 50 miles southeast of central Los Angeles. The asset is within a half mile of nearly 2 million square feet of office space, including the Summit Office Campus, home to some of the area’s major employers like Steelwave, MicroVention and Telogis.
Alize contains one- and two-bedroom apartments, with floorplans ranging from 717 to 1,100 square feet. Community amenities include a swimming pool, fitness center, business center and clubhouse. The property was 95.2 percent occupied as of November.
Sequoia holds more than 11,000 units across the western U.S. per Yardi Matrix data, with a portfolio of 1,606 units in Orange County. Outside of California, the firm owns approximately 3,500 units in Portland, Ore., and Seattle.
Image courtesy of Yardi Matrix