August 13, 2020
Bellwether Enterprise Real Estate Capital LLC closed a $82,487,000 cash-out refinance loan with Freddie Mac. The loan is secured by Emerald Isle, a 422-unit luxury seniors apartment development located at 661 N Rose Dr. in Placentia. Newport Beach-based Mesa Management was the borrower and principal on the loan.
Bellwether Enterprise’s Jason Krupoff originated the 10-year loan that includes five years of interest only at a rate of sub-3%. The loan is underwritten at 60% the loan-to-value ratio and 1.45 times the debt service coverage ratio.
Mesa Management’s Steve Mensinger says, “The transactions were handled in the middle of a pandemic amid credit tightening measures. Jason and the Bellwether Enterprise team exceeded my expectations.”
The property, designed for seniors aged 55 years and older, offers one- and two- bedroom apartments ranging in size from 588 to 1128 square feet. Residents have access to a range of facilities including a fitness center, clubhouse, library, putting green, heated swimming pool and spa, and covered parking.
For comments, questions or concerns, please contact Dennis Kaiser