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Gardenview Apartments LLC Refinancing Two Projects

SAN LEANDRO, CA-The private investment group is refinancing at a lower rate in order to pull cash from the apartments and pay off two office buildings, says Vincent Cardamon, the senior loan officer with Uniondale, NY-based Arbor Commercial that originated the loan.

By Christina Chanes Nystrom | Updated on May 03, 2001

SAN LEANDRO, CA-San Carlos-based Gardenview Apartments LLC is refinancing two area apartment buildings through Arbor Commercial Mortgage LLC. Gardenview says the deal will free up enough to pay off loans on two of its office buildings, one in Burlingame and another in San Carlos.

The first refinance loan, for $4.82 million, was for the 92-unit complex known as Gardenview Apartments at 13495 Bancroft Ave. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.95%. The second refinance loan, which is still in the works, is for Ambassador Apartments, a 42 unit complex located at 145 El Camino Real in San Mateo. The Ambassador Apartment loan is said to be worth more than $3.5 million.

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