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245 Bonita Glen Drive
FINANCED

NorthMarq And Ballast Real Estate Advisors Secure $46.5M Refinance Loan For Union Apartments In Chula Vista

245 Bonita Glen Drive

MultiFamily
clock iconFinanced 239 days ago
Wyatt Campbell
Conor Freeman
Michael (Mikee) Anderson-Mitterling
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Summary

Loan
CALIFORNIA
MultiFamily

NorthMarq's San Diego team, in partnership with Ballast CRE, has successfully secured a $46.5 million refinance for Union Apartments, a 170-unit multifamily property located at 245 Bonita Glen Drive in Chula Vista, California. This property, situated in a high-demand area with strong rental demand, presented an excellent investment opportunity. The loan amount of $46.5 million was obtained through a non-recourse Fannie Mae loan, which replaced the existing floating rate construction debt with fixed-rate, full-term interest only payments. With a sub-6% interest rate, this refinance offers favorable terms for the property's long-term financial stability.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $46,500,000
  • Units: 170
  • Address: 245 Bonita Glen Drive, Chula Vista, California
  • Market: Chula Vista

The transaction was facilitated by Conor Freeman and Wyatt Campbell of NorthMarq, along with Mikee Anderson-Mitterling of Ballast Real Estate Advisors, who served as the brokers involved in securing this refinance. Their expertise and collaboration were instrumental in achieving advantageous terms for Union Apartments.

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Wyatt Campbell's profile picture
Wyatt Campbell
NorthMarq-image
Vice President

Details

Deal Summary
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FINANCED
IMAGE: Conor Freeman, Wyatt Campbell & Mikee Anderson-Mitterling DATE: 10/06/2023 ADDRESS: 245 Bonita Glen Drive MARKET: Chula Vista ASSET TYPE: Multifamily ~ UNITS: 170 BROKERS: Conor Freeman, Wyatt Campbell - NorthMarq (@Northmarq); Mikee Anderson-Mitterling - Ballast Real Estate Advisors LOAN AMOUNT: $46,500,000 LOAN TYPE: Refinance LOAN TERMS: non-recourse Fannie Mae loan replaced the floating rate construction debt with fixed-rate, full-term interest only payments NOTE: Northmarq's San Diego team, in partnership with Ballast CRE, secured a $46.5 million refinance for Union Apartments, a 170-unit community in Chula Vista, California. The property, located in a high-demand area with strong rental demand, secured a sub-6% interest rate through Fannie Mae, offering an excellent investment opportunity.

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Address245 Bonita Glen Drive

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