P R E S S
R E L E A S E
CBRE | Melody
3501 Jamboree Road Suite 500 Newport Beach, CA 92660 949 509 2100 Tel 949 509 2109 Fax www.cbremelody.com
FOR IMMEDIATE RELEASE January 6, 2006
For further information: Troy Tegeler CBRE | Melody 949 509 2114
troy.tegeler@cbremelody.com
Sharon Kline CBRE | Melody 949 509 2115
sharon.kline@cbremelody.com
CBRE | Melody Arranges $49+ Million in Acquisition Financing for Portfolio of Los Angeles Area Senior Apartment Communities
January 6, 2006 (Newport Beach, CA) - The CBRE | Melody Newport Beach office announced today that it has arranged acquisition financing of more than $49.3 million for a portfolio of four Los Angeles area senior apartment communities, The Seasons. Troy Tegeler and Sharon Kline of CBRE | Melody’s Newport Beach office secured the funding for this transaction. CBRE | Melody provided the financing on behalf of 1315 Meadow L.P.; 1024 Royal Oaks, L.P.; and 3200 Lakewood, L.P.; with the loans subsequently to be purchased by Freddie Mac. The Seasons properties are age restricted to 55 years and older, and cater to independent citizens. Furthermore, there are very low income, low income, and moderate income set-asides in place at the property due to a Declaration of Restrictions, which remains in effect until December 1, 2025. The four (4) properties included in the portfolio are: Whispering Fountains at Monrovia (formerly Seasons at Monrovia), in Monrovia, California - a 241-unit garden style apartment community built in 1989 with a net rentable area of 125,833 square feet. At the time of financing, was 97.01% leased. Whispering Fountains at Lakewood (formerly Seasons at Lakewood), in Lakewood, California - a 201-unit garden style apartment community built in 1989 with a net rentable area of 102,960 square feet. At the time of financing, was 96.68% leased. - more -
CBRE | Melody Press Release February 27, 2009 Page 2
Whispering Fountains at Whittier (formerly Seasons at Whittier), in Whittier, California - a 169-unit garden style apartment community built in 1989 with a net rentable area of 84,292 square feet. At the time of financing, was 97.63% leased. Whispering Fountains at Diamond Bar (formerly Seasons at Diamond Bar), in Diamond Bar, California - a 149-unit garden style apartment community built in 1989 with a net rentable area of 82,631 square feet. At the time of financing, was 100% leased.
All three of the borrowers are affiliates of Korda Construction/RPK Development. This portfolio represented the sixth through ninth transactions between Freddie Mac and the borrower. Terms of the financing included 9 +1 year terms at interest rates ranging between 5.46% and 5.49%.
About CBRE | Melody CBRE | Melody, the real estate investment banking division of CB Richard Ellis, originates a broad range of debt and equity capital. In 2004, the firm generated $13.3 billion in real estate financing transactions, and currently maintains a servicing portfolio of more than 8,000 loans totaling approximately $60 billion through its affiliate, GEMSA Loan Services, L.P. The firm operates offices in 36 major metropolitan markets in North America. For more information, visit www.cbremelody.com.