The borrower, Valentia Apartments LLC, will use the funds to refinance its 318-unit Valentia Apartments complex located at 5305 Toscana Way. The loan, which was originated by Prudential Mortgage Capital Co. on behalf of Fannie Mae, closed on Monday, February 10. It was handled by Curtis Colon of the Los Angeles office of Prudential Mortgage Capital Co., the commercial mortgage lending arm of Prudential Financial Inc.

The loan, which amortizes over 30 years, has an interest rate of 5.28%. Its structure included a waiver of tax, insurance and capital reserve escrows.

The current combination of low interest rates and high-performing multifamily assets in San Diego has prompted a number of apartment owners to opt for refinancing instead of selling their properties. The steady source of income and relatively low risk that apartment product provides has caused it to become one of the favored sectors of the commercial real estate market.