California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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
- ◦Financing




