(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
UPLAND, CA-Hutton Cos. has refinanced its 488-Unit College Park Apartments with a $77.2 million FHA loan arranged by Prudential Mortgage Capital Co.’s Prudential Huntoon Paige. John Jacobs of Prudential Mortgage Capital’s Los Angeles office and Martin Herz of Prudential Huntoon Paige’s Colorado office worked together to originate the transaction, and also worked closely with the Los Angeles field office of the US Office of Housing and Urban Development.
Commenting on the transaction in an announcement regarding the loan, Jacobs said that Prudential worked with senior management at the City of Orange-based Hutton Cos. to provide the financing. “Hutton Cos. demonstrated its operational expertise in the development and stabilization of this high-caliber asset during challenging economic times,” Jacobs said.
Herz commented: “Working with the Department of Housing and Urban Development Los Angeles Field Office and its FHA lending program gives us an important tool to provide financing options to our borrowers. College Park Apartments is a great example of the public and private sector partnering to provide needed capital to the commercial real estate market and ultimately providing more quality, affordable housing for California residents.” Scott Felix, vice president of Hutton Development Co., said that having Prudential as a financial partner on the College Park complex “was an important part of the overall success of College Park Master Plan.” The transaction is the second multifamily loan of more than $70 million that Prudential Huntoon Paige has closed in 2011.
College Park Apartments, at the intersection of Monte Vista Avenue and Arrow Route at 250 College Park Dr., is a market-rate apartment complex adjacent to The Claremont Colleges. It consists of 22 two- and three-story, walk-up apartment buildings along with a resident clubhouse that features a movie theater, a game room, a business center, a kitchen and a visiting area. The common area features two pools, two spas, a fitness center, a playground, barbecue areas, courtyards and a leasing office with an attached recreation room.
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