The San Diego offices of HFF Inc. have secured $23.5 million in financing for two multihousing developments totaling 141 units in National City.
The funding is for the 60-unit Centro Apartments and the 81-unit Harborview Apartments situated within five blocks of each other at 45 East 12th St. and 819 D Ave. in National City.
HFF (NYSE: HFF) worked on behalf of the borrowers, PCD Capital Group and Birge & Held Asset Management, in arranging the two fixed-rate loans through Opus Bank. A $9.3 million fixed-rate loan was secured for Centro, and $14.2 million in fixed-rate financing was placed on Harborview. The new loans carry 10-year terms, with fve-year initial fixed-rate periods. Both loans are refinancing existing mortgages on the properties.
Completed in 2012, Centro is a four-story project with units averaging 959 square feet each. The community features a pool, barbecue area, sundeck and ground-level enclosed parking.
Harborview Apartments, completed in 2011, has 81 units in one-, two-, three- and four-bedroom layouts averaging 1,279 square feet each. Community amenities include a fitness center, business center, structured parking, and a barbecue area. At six stories high, it is the only Class A mid-rise development in the South Bay area.
The HFF team representing the borrower was led by director Zach Koucos.
“There continues to be great competition in the capital markets for quality multihousing assets such as these two properties," Koucos said. "This was an example where a regional bank offered terms superior to the agencies, life companies and conduits in order to win the business.”
7979 Ivanhoe Ave. Ste., 150
La Jolla, CA 92037
Sept. 18, 2012 -- George Chamberlin speaks with Stephen Gordon, chairman and CEO of Opus Bank, about the lending environment, the need to return to "the old days of banking," and the state of the industry in general.