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Woodmere Apartments Gets $20M Refi Loan

ONTARIO, CA-The FHA financing, arranged by Johnson Capital, provides the owner with capital to ‘significantly improve’ the 169-unit multifamily asset.

By Natalie Dolce | Updated on December 06, 2011

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.” 

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