July 2, 2020
NKF’s Multifamily Capital Markets team arranged a $167.85 million loan for the refinance of Summer House Apartments in Alameda, CA, as well as a $40.3 million loan for the refinance of Emerald Hills in Monterey Park, CA. Both loans were executed with Freddie Mac.
Summer House Apartments, located on Alameda Island, comprises 615 units. The 184-unit Emerald Hills complex is located at 855 West El Repetto Dr., east of Downtown Los Angeles.
NKF’s Mitch Clarfield, Stephen Gianoplus, Ramsey Daya, and Josh Braceros led the effort on the refinance of Summer House Apartments. Clarfield and Ryan Greer arranged the 10-year refinancing of Emerald Hills on behalf of a private, Los Angeles-based owner and repeat NKF and Freddie Mac select sponsor.
“Some would say that the sponsor could not have picked a more difficult time to refinance Summer House Apartments, but Newmark and Freddie Mac partnered to provide a great execution,” said Clarfield.
For comments, questions or concerns, please contact Dennis Kaiser