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Vintage Anaheim Apartments Score $4.3M Refi
Gantry secured a $4.3-million permanent loan to refinance the Parkside La Palma Apartments located at 1000 E La Palma Ave in Anaheim. The 10-year, fixed-rate loan was secured from one of Gantry’s life company correspondent lenders, with terms including 20-year amortization and prepayment options. Gantry will service the loan.
Principal George Mitsanas, director Stefan Malmlund and associate Keegan Bridges with Gantry’s Los Angles and Irvine offices represented the borrower, a private real estate investor. Oriignally built in 1973, the garden-style complex features 79 units in studio, one-bedroom and two-bedroom floorplans.
Malmlund said, “The property’s underwriting metrics were very strong, but its vintage status limited several front-running lenders. Ultimately, by articulating the substantial value created by attentive management from experienced sponsorship and the location’s strong long-term fundamentals for what was a low leverage request, we were able to refinance with an extremely attractive rate for this cycle from one of our premier life company lenders.”
- ◦Financing
