NEWPORT BEACH, CA – HFF announces financing totaling $72 million for Continental Gardens, Stuart Drive Apartments and Rose Gardens Apartments, three affordable apartment communities totaling 536 units in Orange County, California.
The HFF team worked exclusively on behalf of the borrower, Bertram Partners, Inc., to secure two 15-year, fixed-rate loans through Freddie Mac. The loan for Continental Gardens is valued at $41.261 million and the loan for Stuart Drive and Rose Gardens Apartments totaled $30.744 million. Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties. Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.
Continental Gardens is located at 8101 Cerritos Avenue in the western Orange County community of Stanton. Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99 percent occupied. Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove. Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Avenue. Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units. The communities are operated as one property and are 99 percent occupied overall.
The HFF debt placement team representing the borrower consisted of director Jamie Kline and analyst Nicholas Lench.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Bertram Partners, Inc. Bertram Partners, Inc. (BPI) is a family owned integrated residential real estate investment, management and development company. BPI’s main thrust is to acquire “value added” multi-family apartment properties in potentially vibrant residential neighborhoods that are in need of renovation and/or professional management. BPI, through non-affiliated entities, is the owner and managing general partner of approximately 2,000 residential units in the western United States in various partnerships with a portfolio value in excess of $320,000,000.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P. is the approved Freddie Mac Seller/Servicer. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.