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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.
- ◦Financing




