Patio Gardens Retains Strong Occupancy and Collections Despite COVID

Patio Gardens is a 127-unit multifamily property located at 4874 E. Los Coyotes Diagonal in Long Beach. Despite the pandemic, the property has experienced strong occupancy and collections. This is attributed to the borrower’s diligent property management team, and the asset’s desirable location with access to transit and major employers in the area.   

Aaron Beck, senior vice president of NorthMarq’s San Diego office, recently arranged a $24.6 million refinance for the property. The financing was arranged for the borrower through Fannie Mae and NorthMarq’s DUS platform.

“The loan provided a return of equity to the borrower at a very attractive fixed rate,” said Beck.  The long-term non-recourse loan also allowed the borrower to stagger loan maturities within their portfolio.”