The Colliers Structured Finance Group (SFG) has closed a $27,765,000 Fannie Mae loan for the refinancing of Edgeway, a 91-unit multifamily property in Bellflower, California.
The loan is priced at 5.5% for 5 years and was arranged for Serrano Development Group by Colliers SFG’s Jonathan Lee, Bill Hyatt, and Shahin Yazdi. Colliers SFG closed the Fannie Mae loan prior to property stabilization.
“Leveraging the Colliers’ national platform to the fullest, in particular our DUS [Delegated Underwriting and Servicing] license, we were able to work out competitive terms through Fannie Mae that met our client’s needs,” Jonathan Lee noted.
“Jonathan and his team placed the original construction loan in 2021, and they understood the property and our investors’ expectations. Bellflower has a pent-up demand for Class A apartments, and while the leasing velocity was very strong, the building had not stabilized before our construction loan matured. Colliers was able to rate lock and secure a cash out loan before the property reached stabilization which kept us in excellent standing with our construction lender and gave a very healthy return to our investors,” said Jason Tolleson, Principal of Serrano Development Group.
The Los Angeles based Colliers Structured Finance Group sources debt and equity financing for all commercial real estate asset classes throughout the west, providing funding and capitalization needs for property acquisitions, refinancing, construction, rehabilitation, equity bridge and permanent debt.
