Serrano Development Secures $28M Fannie Mae Refi in L.A. County
By Greg Cornfield January 18, 2024 7:05 am
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A development firm based in Los Angeles County has secured a refinancing loan for a new 91-unit apartment complex near the southeastern border with Orange County.
Serrano Development Group landed the $27.8 million Fannie Mae (FNMA) loan for the Edgeway development in Bellflower, Calif., from Colliers (CIGI) Structured Finance Group. Colliers arranged the five-year loan priced at 5.5 percent, and announced the financing on Wednesday.
Property records show Cathay Bank had provided $29.2 million in construction financing in December 2021.
The luxury apartment community was completed in 2023 with one-, two- and three-bedroom units. The property features a pool, spa and cabana lounge, business center and coworking lounge, and a fitness center.
Colliers’ Jonathan Lee, Bill Hyatt and Shahin Yazdi arranged the financing.
“Jonathan and his team placed the original construction loan in 2021, and they understood the property and our investors’ expectations,” Jason Tolleson, principal of Serrano Development Group, said in a statement. “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.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
