Redwood Urban, a Los Angeles-based landlord, has scored a $108 million refinancing package for 400 units across Beverly Hills, Hollywood and Long Beach.
The firm got the financing through Fannie Mae’s credit facility program, according to commercial mortgage firm BWE, which arranged the deal. The loan closed in March, according to public property records.
Loans under the Fannie Mae program have a minimum five-year term and maximum terms of 10 years for variable-rate debt and 15 years for fixed-rate debt. Terms of Redwood Urban’s interest-only loan were not disclosed.
The new financing will replace a previous loan from JPMorgan, public property records show.
The loan will be used to refinance nine properties — six in Hollywood, two in Beverly Hills and one in Long Beach.
The Hollywood properties, which together total 267 units, are located at 1820, 1837 and 1912 Whitley Avenue, 1823 Grace Avenue, 6600 Yucca Street, and 6651 Franklin Avenue.
Rents at the 1820 Whitley property range from $1,898 a month for a studio to $2,953 for a two-bedroom unit, according to online listings for the complex. Average rent for an apartment in Hollywood is $2,599 per month, according to RentCafe.
In Beverly Hills, the properties at 9152 Alden Way and 8600 Burton Way total 29 units.
Further south in Long Beach, the loan will refinance a 104-unit property at 210 Third Avenue, which includes a pool, gym, spa and business center. The Long Beach complex also includes 15,000 square feet of ground floor retail space.
Many landlords scored refinancing deals in March, before interest rates started to rise. California Landmark Group scored $85 million in refinancing from Mesa West Capital for a 78-unit complex in Brentwood and a 79-unit complex in Hollywood.