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Long Beach Property Secures $6-Mil Loan

LONG BEACH, CA-A multifamily complex here has secured $6-million in financing from Chicago-based Capri Capital. Rent rates in SoCal increased on average 12.5% over the last year, where occupancy is now at 98.1%

By Erin Cassin | Updated on April 10, 2001

LONG BEACH, CA-As the Southland’s multifamily market continues to perform strongly despite the slowing national economy, a 153-unit multifamily property in Long Beach recently secured $6 million in funding from Chicago-based Capri Capital.

Completed in 1987, the Fountain View Apartments contains 41 studios, 64 one-bedroom units and 48 two-bedroom units. In addition, the recently renovated property offers garage parking, a swimming pool and a spa. The garden-style complex is located at 2301 Market St.

The property was funded with a seven-year fixed rate loan with 30-year amortization. Andrew Mackay of Capri was the originator of the Fannie Mae DUS loan.

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