HFF Secures $23.5 Million Financing Package for 2 National City M-F Properties
- Mar 16, 2014
HFF recently secured financing for two National City multifamily complexes owned by PCD Capital Group and Birge & Held Asset Management. The firm worked with Opus Bank on behalf of the borrower, and completed two financing deals worth a total of $23.5 million. The HFF team in charge of securing the loans was headed by Zach Koucos.
The two communities are located in National City and offer a total of 141 residential units. Centro Apartments and Harborview Apartments are Class A multifamily properties situated five blocks apart. HFF provided a $14.2 million fixed-rate loan for Harborview, while Centro received a $9.3 million loan. Both deals carry 10-year terms with initial fixed-rate periods of five years on a non-recourse basis, a statement announcing the deal shows.
Centro Apartments is located about four miles south of downtown San Diego at 45 East 12th Street in National City. The four-story building offers 60 residential units averaging 959 square feet. Resident amenities include a pool, a barbecue area, common sundeck, and ground-level enclosed parking.
Harborview Apartments offers 81 residences including studios, one- and two-bedroom units, loft and brownstone-style apartments. Completed in 2011, the complex offers a resident amenity package that features a rooftop pool and spa, a fitness facility and a business center equipped with computers, a printer and work stations, WiFi Internet access, laundry facilities, gated entry and reserved parking.
Photo of Centro Apartments courtesy of Facebook account: facebook.com/centroapts/
Image of Harborview Apartments courtesy of rental-living.com