HFF secures financing for southern California multifamily properties

The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged financing for Sommerset La Costa, a 48-unit multifamily community in Carlsbad, and Monarch Terrace Apartments, a 56-unit multifamily community in Glendale, California.

HFF senior managing director Tim Wright and associate director Pat Burger worked on behalf of a joint venture between an investor portfolio advised by the US real estate business of UBS Global Asset Management and Silverado Canyon Partners, LLC to secure two five-year loans through Aetna Life Insurance Company. The fixed-rate loans were structured as acquisition and renovation bridge loans.

Sommerset La Costa is located at 2937-2949 Unicornio Street at the corner of Alga Road and El Fuerte Street in La Costa, a submarket of Carlsbad. The fully-leased, condo-mapped property has six residential buildings with 48 two-bedroom/two-bath units. Each unit has its own garage and there is a community swimming pool and leasing office on-site.

Located at 1595 East Chevy Chase Drive in Glendale, Monarch Terrace Apartments has easy access to the Ventura and Glendale Freeways and is situated across the street from the Glendale Adventist Medical Center. The three-story property has an interior garden-style configuration with studio, one- and two-bedroom units averaging 759 square feet each. Community amenities include a gated pool, underground parking garage, laundry facilities and storage space.

“Both Sommerset La Costa and Monarch Terrace Apartments will undergo significant exterior and interior renovations that will raise Sommerset up to a Class A property and Monarch Terrace to a Class B in their respective submarkets,” said Wright.

Silverado Canyon Partners, LLC currently owns five apartment properties totaling 473 units in Southern California.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.