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LA VERNE, CALIF. — KeyBank Real Estate Capital has secured $39 million in Fannie Mae Green financing for San Diego-based MG Properties Group. The borrower will use the loan to refinance Monte Vista Apartment Homes in La Verne.
Built in 1972 and renovated in 2018, the 207-unit community comprises 18 two-story apartment buildings on 14 acres. Since 2016, MG Properties has spent more than $6 million on exterior renovations and interiors renovations for 151 units. MG plans to finish renovations, which will cost approximately $1 million, to the remaining 56 units.
Peter Kurzeka of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.