IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $20 million refinancing for Rose Garden Apartments (top left photo) Community, a 239-unit multi-housing community in Garden Grove, California.
HFF managing director David Bleiweiss (bottom right photo) worked on behalf of the borrower, Bertram Partners, Inc., to secure the 10-year, fixed-rate loan. The Fannie Mae DUS loan replaced higher rate bond financing that was previously encumbering the property.
“This allowed the borrower to significantly reduce his interest costs to today’s rates in the four percent range,” said Bleiweiss.
Rose Garden Apartments Community is located at 9645 Westminster Avenue and 11632 Stuart Drive close to the Garden Grove Freeway, Interstate 5, Huntington Beach and Santa Ana in Garden Grove. The property is an affordable housing complex and maintains, on average, 97% occupancy.
Irvine, California-based Bertram Partners, Inc. (BPI) currently is the owner and managing general partner of approximately 2,000 conventional and affordable apartment communities in both Southern California and Arizona and is actively seeking to acquire additional properties in both locations.
David A. Bleiweiss, HFF Managing Director, 949-253-8800, dbleiweiss@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713-852-3500, krmurphy@hfflp.com
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