Berkadia Secures $46.75M in Refinancing for Arbor Park Apartments in Upland, California
Los Angeles, California – November 21, 2024 – Berkadia announced today the refinancing of Arbor Park Apartments, a 260-unit, garden-style multifamily property in Upland, California. Senior Managing Director Allan Freedman of Berkadia Los Angeles secured $46.75 million in refinancing on behalf of the buyer, California-based NNC Apartment Ventures. The deal closed on October 31.
The seven-year loan featured a 4.6 percent interest rate, full term interest only and a 65 percent 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 from the property. 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.
The area is a major distribution center, as nearly all cargo shipments entering or leaving Southern California must pass through the region. Another major economic driver is March Air Reserve Base, which directly supports 9,600 jobs and has a $579 million annual economic impact in the Inland Empire.
According to a news release issued recently by the San Bernardino County Workforce Development Board (WDB), the logistics industry has created more than 200,000 jobs in the Inland Empire, helping to power one of the most dynamic employment centers in the United States. The total economic impact of logistics employment in San Bernardino County is $36.1 billion, the WDB said, and the local, state, and federal tax impacts of the logistics industry in the I.E. total $6.5 billion.
Berkadia Secures $47M Refi on Upland Apartments | Connect CRE
Berkadia Secures $47M Refinance on Upland Apartments | CRE Market Beat
$46.75MM in Refinancing for Arbor Park Apartments in Upland | The Registry SoCal
NNC Apartment Ventures secures $46m in refinancing for apartments in Upland, Calif. | IREI