BOSTON – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has placed a $24 million loan with Freddie Mac for City Pointe Apartments, a 183-unit, Class A multi-housing property in Fullerton, California.
Working exclusively on behalf of Cornerstone Real Estate Advisers, HFF senior managing director Dana Brome and senior real estate analyst Carlos Febres-Mazzei secured the loan through Freddie’s Capped ARM Program. The five-year adjustable-rate financing is repaying an existing loan with Cigna Investments also arranged by HFF in 2004.
City Pointe Apartments is located at 130 East Chapman Avenue near the Riverside and Orange Freeways in Fullerton, approximately 23 miles southeast of Los Angeles. Completed in 2004, the property consists of five stories of residential units, averaging 875 square feet each, situated above ground-floor commercial/retail space and a parking garage. The residential portion of the property is 95% leased. Community amenities for residents include a fitness center, pool, media room, business center and community center.
“City Pointe is located in North Orange County, which is recognized as one of the strongest multi-housing markets in the Los Angeles area. Its rapid population growth, desirable location and access to local and regional freeways and amenities have ensured low vacancy for a number of years,” said Brome.
Cornerstone Real Estate Advisers is a national commercial real estate advisor with more than $9.5 billion of assets under management.