ONTARIO, CA-Johnson Capital has arranged a $19.7-million loan secured by a 168-unit multifamily property called Woodmere Apartments. The FHA loan was provided by Johnson Capital Huntoon Hastings and carries an extremely low fixed rate for the 35-year term. Additionally, the loan is non-recourse and open for prepayment at par after year 10. The debt is being used to refinance the property by the owner, a local investor.
Woodmere Apartments is a garden-style property consisting of 21 buildings built in 1986. The owner has adopted “an aggressive upgrade plan that includes; new fixtures, kitchen appliances, flooring, and updated lighting scheme throughout the units.”
Greg Richardson, managing director in Johnson Capital’s Irvine office, who worked on the deal with Scott Watson, VP, says that “the FHA financing provided our client with capital to significantly improve the asset while locking in a very attractive long-term interest rate.”
The property is located at 910 W. Phillips St., near the intersection with Mountain Avenue, approximately one half mile south of Holt Ave and about two miles west of the Ontario International Airport.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
