The seven-year, floating rate loan—set to amortize after 30 years—is backed by Portofino Apartment Homes, located at 500 Loveridge Circle in Pittsburg, a suburb 45 minutes east of San Francisco but still located within the city’s metro area.
The property is owned by Rfi Portofino LLC—an entity with an address at C-III Capital Partners’ office in Irving, Texas—according to PropertyShark.
“The borrower is a seasoned commercial real estate and multifamily investor with whom we have done over 30 transactions,” said Hunt Mortgage Managing Director John Beam in prepared remarks. “We were pleased to deliver on this loan for a quality national sponsor.”
The property is situated on six acres of land and is comprised of 11 two-story buildings complete with 119,482 square feet of rentable space. The apartment complex was constructed in 1986.
“The borrower purchased the property in 2012 and invested more than $1.6 million in capital improvements since ownership which significantly increased the value of the complex,” Beam said in prepared remarks. “The borrower continues to improve Portofino Apartments as units are being renovated upon normal turn-over.”
According to the release, the borrower has planned a property-wide, phased renovation of its units. As of Tuesday, 68 units have been renovated to the “level one” update package while 36 have received the “level two” update. The property includes a fitness center, a swimming pool and clubhouse and a controlled access gate.
An official from Hunt Mortgage Group did not immediately return a request for further comment, and officials at Freddie Mac did not respond before press time.