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Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

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Tuscany Villas in West Covina, Calif., features 166 studio and one-bedroom apartments, two swimming pools and a fitness center.

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community.

Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule.

Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

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