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California  + Inland Empire  + Finance  | 

Berkadia Secures $47M Refi on Upland Apartments

Berkadia arranged the refinancing of Arbor Park Apartments, a 260-unit, garden-style multifamily property in Upland. Senior managing director Allan Freedman of Berkadia Los Angeles secured $46.75 million in refinancing for the buyer, California-based NNC Apartment Ventures.

The seven-year loan featured a 4.6% interest rate, full term interest-only and a 65% loan-to-value ratio. “This refinance allowed the client to cash out for future upgrades while also providing solid cashflow for the next seven years,” said Freedman.

Located at 859 N. Mountain Ave. in Upland, California, the property offers convenient access to major transportation routes and key amenities. Historic Downtown Upland is 1.8 miles away, while Ontario International Airport is 6.2 miles away. Additionally, Montclair Place is 2.4 miles away, San Antonio Regional Hospital is 2.0 miles away, and California State Polytechnic University, Pomona is 9.9 miles from the property, providing significant demand drivers for occupants, according to Berkadia.

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Berkadia's Freedman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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