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Berkadia, a leading commercial real estate company, recently facilitated the refinancing of Arbor Park Apartments in Upland. The property is a 260-unit garden-style multifamily complex. Allan Freedman, senior managing director at Berkadia Los Angeles office, successfully secured $46.75 million in refinancing for the buyer – NNC Apartment Ventures based in California.
The seven-year loan comes with attractive terms including a low interest rate of 4.6%, full term interest-only payments and a loan-to-value ratio of 65%. Freedman commented on the transaction saying that it not only allowed the client to cash out for future upgrades but also provided stable cash flow for the next seven years.
Arbor Park Apartments is conveniently located at 859 N Mountain Ave in Upland and offers easy access to major transportation routes as well as key amenities such as Historic Downtown Upland (1.8 miles away), Ontario International Airport (6.2 miles away), Montclair Place (2.4 miles away), San Antonio Regional Hospital (2.o miles away) and California State Polytechnic University Pomona (9/9 miles). These factors make it an attractive location for potential tenants seeking convenience and accessibility to important destinations within close proximity.
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