(Save the dates: RealShare Apartments East comes to theHyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
TORRANCE, CA-GlobeSt.com has learned exclusively that New York-based Centerline Capital Group has provided a $5-million Fannie Mae DUS Choice Loan to refinance Duo Quorum Apartments, a multifamily property at 18311 Bailey Dr. here, for borrower Duo Quorum, a California LLC. The 86-unit apartment complex is made up of four two-story buildings, two single-story buildings, a single-story clubhouse building and a single-story fitness and laundry building.
Centerline director Bryan Cullen originally financed the property—which contains a unit mix of two single units, 12 one-bedroom apartments and 72 two two-bedroom units—10 years ago while with a different DUS lender. The original developer of the property in 1969 was Emil Brit, also a key principal on the recent financing.
“I worked hard to effectively nurture and maintain this relationship over the past decade and was thrilled to win this deal over the existing DUS lender for the refinance,” said Cullen in a prepared statement. “Duo Quorum Apartments is well located in a neighborhood that is very desirable for those who either work in Downtown Los Angeles or those who want to live close to the ocean. The property also boasts a great occupancy rate of 99% and has been very well managed since it was constructed, making this a solid deal for Centerline.”
Property amenities include a swimming pool, a concrete-paved patio area, concrete-paved parking areas, two steel retractable gates, block walls and landscaping.
As GlobeSt.com previously reported, in January Centerline provided a $33-million loan for the acquisition of Spyglass Hill Apartments, a multifamily property located in Denver. The transaction was a Fannie Mae market rate loan that will finance the acquisition of the property at a purchase price of $40 million.
Have you transacted on the same property more than once? Tell us about it in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
