May 26, 2016 Comments Off on Irvine Co. Completes $1.2B MF Loan Program Views: 456 California News, Orange County, West

Irvine Co. Completes $1.2B MF Loan Program

The Irvine Company took out $1.16 billion in mortgages on 19 multifamily properties located in Orange County, the Bay Area and San Diego. The loans are reportedly being rebundled into $1.04 billion in mortgage securities and being used to refinance existing debt on the properties.

The 4.31%, 10-year term loans involve 15 complexes in Irvine, CA, one in Tustin, CA, two in San Diego, and one in Redwood City, CA. The complexes range in age from 14 to 41 years, total more than 5,200 units, and have a total appraised value of $1.8 billion, which translates to a 63% LTV.

The assets have an average vacancy rate of 4%, and rents average $2,097 per month.

Read More at Orange County Register

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