Regions West | Seattle/Portland
Sept 19, 2008
Monterey Springs Holdings L.L.C. gets its hands on acquisition financing for Monterey Springs Apartments, a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. The borrower relied on Red Mortgage Capital Inc. to facilitate the Fannie Mae DUS DMBS mortgage loan, which carries with a 7-year--3-year interest-only--term amortized over a 30-year period. A 28-year-old property consisting of 21 three-story structures, Monterey Springs underwent a renovation encompassing 192 of the residences three months ago. Monterey Springs Holdings, owned by affiliates of Denver-based Maxim Real Estate Investments L.L.C. and Chicago-based Blue Vista Capital Management L.L.C., plans to use a portion of the financing to upgrade the remaining 198 residences and reposition the property as a high-quality asset.
Monterey Springs Holdings L.L.C. gets its hands on acquisition financing for Monterey Springs Apartments, a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. The borrower relied on Red Mortgage Capital Inc. to facilitate the Fannie Mae DUS DMBS mortgage loan, which carries with a 7-year--3-year interest-only--term amortized over a 30-year period. A 28-year-old property consisting of 21 three-story structures, Monterey Springs underwent a renovation encompassing 192 of the residences three months ago. Monterey Springs Holdings, owned by affiliates of Denver-based Maxim Real Estate Investments L.L.C. and Chicago-based Blue Vista Capital Management L.L.C., plans to use a portion of the financing to upgrade the remaining 198 residences and reposition the property as a high-quality asset.
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