$105M Fannie Mae Loan to Refi Six Multifamily Assets

Fannie Mae loans of $105.24 million were recently arranged on behalf of Goldrich Kest for six multifamily properties located throughout California. The 15-year fixed-rate full-term interest-only loans will be used to refinance the apartment communities. The three market-rate properties and three Section 8 affordable properties are in five cities with strong demand for multifamily housing: Los Angeles, San Diego, San Jose, Capitola and Baldwin Park.

With these full-term interest-only loans, the generational owner-borrower will reduce monthly payments and lock in attractive interest rates. PGIM Real Estate arranged the financing.

“This financing is reflective of the Goldrich Kest overall portfolio, given our company’s long-term commitment to providing housing options for people of all income levels,” said Michael Drandell, CEO of GK Management Co. Inc. on behalf of the borrower. “Through these deals, we’re able to fix low interest rates on a long-term basis that will benefit both our tenants and investors in the years ahead.”