SAN FRANCISCO — A three-property apartment portfolio in the Bay Area has received $56.2 million in refinancing. The portfolio includes a total of 427 units throughout Fremont, Daly City and Hayward.
The borrower has purchased and renovated more than 3,000 apartment units in 23 communities over the past 10 years. All three properties were built between 1965 and 1987.
Amenities at the properties include full kitchens, private patios/balconies and walk-in closets. The portfolio boasts an average occupancy rate of 98 percent.
The fixed-rate, Fannie Mae loans have 10-year terms, 9.5 years of yield maintenance and 30-year amortization schedules. They were provided by Greg Reed and Kristen Croxton in Capital One Multifamily’s Newport Beach office.
The loans closed just 34 days after application. The interest rates on the loans were in the mid-3 percent range. Capital One was also able to structure the transactions to produce cash out.