Interstate Equities Secures $146M Refi for Yorba Linda Multifamily Community
Interstate Equities Corp. has nabbed a $145.75 million loan to refinance a multifamily asset in Southern California.
This comes courtesy of a five-year, fixed-rate senior mortgage provided by Freddie Mac, which was arranged by Walker & Dunlop.
"This transaction reflects the ongoing strength of the 5-year fixed-rate agency loan market and underscores that clients continue to prioritize 5-year fixed-rate paper in the current interest rate environment, with agencies serving as a reliable and strategic source of capital," Chris Botsford, managing director of W&D, who helped arrange the financing, said in a statement.
The property called Bryant at Yorba Linda features 400 units that are a mix of one and two bedrooms. The 404,220 square foot building offers amenities including a clubhouse, swimming pool and spa, playground, fitness center, dog park, sport court and resident lounge. Plus, Interstate spoke more about the Yorba Linda area that the property sits in, which is surrounded by some of the best public schools, golf courses, multiple Fortune 500 companies and parks.
"The location is absolutely ideal, offering the perfect combination of luxury, convenience, and access to top-tier education," said Brendan Gibney, director at Interstate.
Orange County (where Yorba Linda lies) was a recent target of MG Properties. The developer purchased a multifamily community in Anaheim over the summer for $144 million. Jeff Gleiberman, president of MG, highlighted the county's resilience over the past two decades despite enduring several downturns, while noting the limited supply, coupled with the high demand that existed in the market at the time.
In Southern California, Interstate operates 16 properties and 2,047 units in total. It also owns multifamily assets in Northern California and Seattle.
Source: GlobeSt/ALM