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California  + Orange County  + Finance  | 

IPA Arranges $23M Refi for Garden Grove MF

Institutional Property Advisors-The Derk Group’s Michael Derk arranged the $23-million refinance of Pine Lake Terrace, a 111-unit apartment property in Garden Grove. The 3.6% interest rate loan carries four years of interest only, followed by a 30-year amortization.

The property at 11750 Euclid St. is near Disneyland. Units are configured as one- or two-bedrooms and community amenities include controlled and gated access, carports, laundry facilities and a pool.

Derk notes an aspect that stands out on this transaction is the fact that it survived several COVID-19-related disruptions including two lenders re-trading the deal. “We were able to persevere with our lending relationships and close it with a third lender just a few months after the other lenders had killed it,” he says.

The borrower was still able to achieve an “exceptional level of cash out on the property, even while values were in “flux” for lenders and appraisers,” Derk notes. The deal closed non-recourse, with a small step-down prepayment penalty.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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