Multifamily Investor Lands $11.5M in Acquisition Financing

PITTSBURG, CA-A local apartment investor has acquired a 148-unit class C apartment complex here for $14.6 million. Oakmont Properties VI LLC financed the acquisition of Loveridge Terrace Apartments with an $11.5-million Fannie Mae DUS Loan that carries an interest rate of just over 5%.

The loan was brokered by Dick Olrich, Bay Area Regional SVP for PW Funding Inc., a direct multifamily mortgage lender based in Mineola, NY. Olrich tells GlobeSt.com the loan was used to pay off the city-backed bonds that financed construction of the garden-style apartment complex built in 1987. Now that the bonds are paid off, the project no longer has any affordable requirements, says Olrich, and the owner is expected to roll rents as the market allows.

Loveridge consists of one-, two-, and three-bedroom units in eleven two-story buildings. The property features an outdoor swimming pool and a separate office/recreation building. Unit amenities include microwaves, dishwashers, garbage disposals, ceiling fans, wall-to-wall carpet, washer/dryer hookups, and patios or balconies.