Serrano Lands $28M for Los Angeles Asset
The financing retires a $29.2 million construction loan from 2021.
Serrano Development Group has secured $27.8 million for the refinancing of Edgeway, a 91-unit luxury multifamily property in Bellflower, Calif., in a deal arranged by Colliers. The 5-year Fannie Mae loan carries a 5.5 percent rate and retires a $29.2 million construction loan originated by Cathay Bank in 2021, according to Yardi Matrix data.
Completed in 2023, the five-story property comprises one-, two- and three-bedroom floorplans ranging from 652 to 1,289 square feet. Apartments feature in-unit washers and dryers, private balconies and keyless entries. Common-area amenities include a fitness center, podcast room, DIY workshop, pet wash area and coworking lounge.
Located at 9735 Oak St., Edgeway is north of Highway 91 and roughly 22 miles south of downtown Los Angeles. The community is also less than 3 miles from the Kindred Hospital Paramount and within walking distance of the retail corridor on Bellflower Boulevard.
Colliers Structured Finance Group Vice President William Hyatt, along with Executive Managing Directors Jonathan Lee and Shahin Yazdi, arranged the financing on behalf of Serrano Development Group.
As of September 2023, there were 32,951 units under construction in Los Angeles, according to a recent Yardi Matrix report. In last year’s first three quarters, developers added 6,277 units to the market, accounting for 1.3 percent of existing stock. Deliveries were down 15.9 percent year-over-year.