Allmark Properties secured a $50 million loan to refinance a large residential community in Rancho Cucamonga.
Capital One provided the loan to the local firm through Fannie Mae, refinancing the portfolio of six apartment communities with a total of 538 units. The fixed-rate loan has a 10-year term.
Allmark Properties — which owns and manages more than 2,500 units in California and Texas — developed the six contiguous properties between 1971 and 1978, and maintains them now. Located at 8389 Fir Drive, the properties include the Fir Terrace, Arrow Terrace, Cucamonga Terrace, Placer Terrace, Terrace 78, and Terrace 12.
“The Terraces,” or the “Terrace Apartments,” operate as a single entity through a shared facilities agreement. The community is located in the foothills of Rancho Cucamonga, and has a resort-style layout that was recently remodeled. Community amenities include tennis and basketball courts, a dog park, business center, barbecue areas and swimming pools.
Capital One has spent most of the past year financing larger projects on the East Coast. But the Riverside-San Bernardino area, where Rancho Cucamonga is located, is considered to be one of the next big boom markets.