LAKE FOREST, UPLAND AND ONTARIO, CALIF. — Centerline Capital Group has arranged a $175 million Fannie Mae credit facility for the refinancing of a five-property multifamily portfolio in California. Western National Group, an Irvine, Calif.-based developer, owner and operator of multifamily properties, is the borrower.
Centerline and Western National Group have now worked together on similar financing deals for 16 properties in and around Orange County.
“This structured credit facility with Fannie Mae was heavily negotiated and very complex due to the nature of the product,” says Suzanne Cope, senior vice president of Centerline’s affordable housing debt division. “However, the level of experience on all sides of the transaction helped facilitate a smooth and quick closing even with the payoff and defeasance of several existing bond deals.”
The portfolio totals more than 1,500 units in the Los Angeles suburbs of Lake Forest, Upland and Ontario. Each of the properties included is of garden-style construction.
- Emerald Court Apartment Homes in Lake Forest is a 32-building, 288-unit complex constructed in 1986. The community offers one- and two-bedroom residences, as well as a clubhouse, fitness center, swimming pool and multiple laundry facilities.
- Constructed in 1988, Westridge Apartment Homes in Lake Forest is a 39-building, 390-unit complex. The property includes studio, one- and two-bedroom apartments, plus a swimming pool, children’s play area, tennis courts and volleyball courts.
- Also located in Lake Forest, Spring Lakes Apartment Homes is a 19-building, 180-unit complex constructed in 1986. The asset features one- and two-bedroom units, along with a fitness center, swimming pool, spa and clubhouse.
- Mountain Springs Apartment Homes in Upland, constructed in 1986, is a 31-building, 340-unit complex. The community consists of studio, one- and two-bedroom residences and an amenity package including five laundry facilities, a clubhouse, swimming pool and fitness center.
- Park Centre Apartment Homes in Ontario is a 36-building, 404-unit complex constructed in 1987. The property offers one- and two-bedroom units, as well as three swimming pools, a clubhouse, fitness center and barbecue and picnic areas.
Centerline Capital Group’s affordable housing debt division provides mortgage financing for affordable multifamily properties nationwide. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, FHA-approved mortgage provider and bridge and CMBS lender, in addition to serving as a source of other forms of alternative capital.
Founded in 1981 to manage the properties of Orange County-based multifamily developer IPS, Western National Group today consists of Western National Property Management, Western National Builders and Western National Properties. The company is active in Nevada and Utah in addition to California.
— John McCurdy