Search
 

Long Beach Property Secures $6-Mil Loan

LONG BEACH, CA-A Long Beach multifamily complex secures $6-million in funding from Chicago-based Capri Capital. SoCal's rental market continues to be tight, with rates increasing on average 12.5% over the last year.

By Erin Cassin | Updated on April 11, 2001

LONG BEACH, CA-With the continuing strong performance of the Southland’s multifamily market–even in light of 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.