92.9 F
San Fernando
Saturday, Feb 24, 2024

Northridge Apartment Secures Refi

A 447-unit apartment complex in Northridge has secured a new $32 million loan. The Park Parthenia Apartments, which consists of 48 buildings ranging in size from four to 32 units, took out the loan to refinance a maturing loan, according to Ted Willis, a vice president at Pacific Southwest Realty Services in L.A. “The property consistently outperforms the market, the borrower is very strong, and the lender saw real value in the proposed financing,” he said in a prepared statement. The new fixed-rate loan has a 10-year term with a 25-year amortization schedule and an interest rate in the low 4 percent range. The Park Parthenia Apartments at 19100 Parthenia St. were constructed between 1962 and 1970 and are located on nearly 10 acres along three public streets within a gated community located at the southeast corner of Tampa Avenue and Parthenia Street. Scott Clark, principal at Pacific Southwest, also worked in arranging the loan.

Featured Articles

Related Articles