HARTFORD-Cornerstone Real Estate Advisors is refinancing two class A multifamily properties for $109 million. The financing, arranged by Holliday Fenoglio Fowler, L.P., will cover Pacific Place Apartments in Los Angeles and Glenview House Apartments in Stamford, CT.
The Pacific Place Apartments will receive a five-year, fixed-rate loan which will cover an existing construction loan for the property through MetLife Real Estate Investment, while Glenview House will earn a floating-rate loan, also for existing construction, through Freddie Mac’s capped adjustable-rate mortgage program. HFF senior managing director Dana Brome, director Tina Derderian and senior real estate analyst Carlos Febres-Mazzei secured loans for both multifamily communities.
Pacific Place is located by Los Angeles Airport at 5211 Pacific Concourse Dr. and is 96% leased. It consists of two four-story buildings containing 430 units, comprised of studio, single-, two- and three-bedroom apartments. The Stamford property sits at 25 Glenbrook Rd. and is a four-story complex with 146 units. The 99%-occupied property also contains 14,820 square feet of ground-floor retail space.
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