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Quantum Capital Partners Secures $12 Million Cash Out Refi for Owner of LA-Area Apartment Community
The financing is secured by the Westlake Villas Apartment Homes, a garden-style complex comprising 142 studio, one- and two-bedroom units ranging in size from 700 – 1,150 square feet. Developed by the sponsor in 1971, and completely renovated in 2010, the highly amenitized property includes a Resident Clubhouse, fitness center, heated pool and spa, saunas and tennis courts.
The 15-year fixed rate permanent loan from a global financial services company was used to retire an existing Fannie Mae loan originated in 2004. The financing features interest only at 4.16 percent for the first 10 years with a 30-year amortization over the remaining term.
“Westlake Villas has enjoyed a strong operating history and has been very competitive in an appreciating market,” said Quantum Capital Partners Managing Director Mike Yim who arranged the financing. “As a result, we were able to find a life company willing to do a cash out refinance at very attractive terms without requiring a warm body for the carve-out guaranty,” he said.
About Quantum Capital Partners
Beverly Hills-based Quantum Capital Partners (www.quantumcp.com) is a leading mortgage banking firm that provides comprehensive real estate finance and advisory services across all major asset classes. With more than $3 billion of debt and equity financing experience nationwide, Quantum’s principals have developed a diverse network of capital providers that allows their clients to benefit from customized financing structures that encompass the entire capital stack. Quantum's comprehensive knowledge of the capital markets enables them to deliver expert advice for complex real estate transactions.