LOS ANGELES – December 23, 2020 – Berkadia announces the refinancing of a loan for Laguna Serrano Apartments, a garden-style multifamily property located in Laguna Niguel, California. Managing Director Allan Freedman and Associate Director Nick Provost of Berkadia’s Los Angeles office secured the $65.6 million loan on behalf of an undisclosed California-based borrower. The deal closed in December.
The 10-year Fannie Mae, fixed-rate loan features a 2.84 percent interest rate and is full-term interest-only. The loan has a flexible prepayment schedule with no prepayment penalty for the last three-years.
“The loan was able to be rate-locked approximately one week after application signing. Additionally, escrows and standard nonrecourse carveouts were all waived,” said Freedman.
Located at 30001 Golden Lantern, Laguna Serrano Apartments features one-, two- and three-bedroom floor plans with walk-in closets, private patios or balconies, stainless-steel appliances and quartz countertops. Community amenities include a fitness center and a swimming pool. Residents are afforded convenient access to Salt Creek Beach, Laguna Heights Marketplace and Saddleback College.