A multi-family property in Long Beach received a refinancing of $ 24.6 million.
The property, known as the Patio Gardens, is located at 4874 E. Los Coyotes Diagonal and has 127 units. The name of the borrower was not disclosed.
Aaron Beck of NorthMarq arranged the funding with Fannie Mae and NorthMarq’s DUS platform.
This is a long-term, non-recourse, low-interest loan, according to NorthMarq.
“The loan provided a return on equity to the borrower at a very attractive fixed rate,” Beck said in a statement. “The long-term non-recourse loan has also allowed the borrower to stagger loan maturities within their portfolio.”
It’s not the only big construction loan to be announced this year.
Chicago-based Singerman Real Estate and San Diego-based Darnell Capital recently received $ 23 million in funding to build a project on the Palos Verdes Peninsula, known as Peninsula Pointe.
The project, a redevelopment of a vacant office building, will have 87 assisted living and memory care units. The facility will be managed by Cadence Living, based in Phoenix.
Also this year, Columbia Pacific Advisors provided a $ 27 million bridge loan for the completion of construction to recapitalize the Hyatt Hotel Nue in Hollywood.
S3D Partners owns the hotel at 1525 N. Cahuenga Blvd.
And earlier this month, Brentwood-based Hudson Pacific Properties Inc. and New York-based Blackstone Group Inc. received a $ 1.1 billion loan for their Hollywood portfolio.
The money was provided by Bank of America Corp., Barclays, Wells Fargo Bank and Societe Generale.
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