BEVERLY HILLS, CA - Real estate capital advisory firm Quantum Capital Partners (Quantum) has successfully arranged $13.5 million in financing for its client, California Commercial Investment Group, for the ground-up construction of a 72-unit apartment community in Oxnard, CA.
Quantum placed the 80% loan-to-cost financing with a California-based commercial bank at 275 bps over 90-day LIBOR, according to Vice President Max Mellman, who along with Managing Director Jonathan Hakahka secured the financing.
“Although there’s been some lender pullback in the construction lending market, high leveraged financing is still available for well-located assets with strong sponsorship,” said Mellman. “To justify the high LTC, we conducted an in-depth study of the market and demonstrated to lenders that the market’s fundamentals and lack of supply, coupled with the sponsor’s long track record of success, warranted a loan with maximum proceeds at a very competitive rate,” added Hakahka.
Construction has commenced on College Park Apartments, located on the northeast corner of Channel Islands Boulevard and Statham Boulevard. When completed, the three-acre multifamily community will consist of one-, two- and three-bedroom units averaging 874 square feet. Six of the 72 units will be affordable rate housing units. The community will feature a children’s play area, fitness center, and activity room.
Construction is expected to be completed in Fall, 2018.
About Quantum Capital Partners: Quantum Capital Partners (www.quantumcp.com) is a leading mortgage banking firm that provides comprehensive real estate finance and advisory services across all major asset classes. We have more than $4 billion of debt and equity financing experience nationwide, working with a wide and diverse network of capital providers. Combined with our comprehensive knowledge of the capital markets that encompass the entire capital stack, Quantum repeatedly delivers expert advice and customized financing solutions on the most complex real estate transactions.