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Burnham Makes Refinance Play

ESCONDIDO, CA-The firm's capital group helps a private investor take advantage of the low interest rates with a $5.7-million refinance of Terrace Apartments, a 190-unit complex.

By Daniel D. Williams | Updated on March 22, 2005

ESCONDIDO, CA-With a tightening market, owners of commercial real estate are continuing to take advantage of low interest rates by refinancing their properties. The latest is a private investment group that had its property, Terrace Apartments, undergo a $5.7-million refinance. The property is a 190-unit multifamily property.Located at 1301 Morning View Dr., the local property is an affordable housing complex that was built seven years ago and the current owners saw a good financial play, according to Jamie Dick, vice president in the San Diego office of Burnham Real Estate’s Capital Markets Group, which arranged the loan for the borrower with Fannie Mae’s affordable housing division. “We’re a correspondent to Prudential, who is a Fannie Mae DUS lender,” Dick tells Globest.com. “It was a pretty straight forward refinance with the owner looking to take advantage of the current low interest rates.”According to Dick, activity of all types–investment as well as refinance and redevelopment–are extremely hot right now in the San Diego area. “San Diego is one of the nation’s hottest markets for lenders to lend to,” Dick says. Nowhere is that more apparent than in the multifamily arena. “Because of the very tight rental market in general, there’s virtually no vacancies,” Dick says. “Apartment vacancy rates in San Diego on regular apartments are around 3% to 4%.”

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