NEWPORT BEACH, CA – January 17, 2019 – HFF announces financing totaling $72 million for Continental Gardens, Stuart Drive Apartments and Rose Gardens Apartments, three affordable apartment communities totaling 536 units in Orange County, California.

The HFF team worked exclusively on behalf of the borrower, Bertram Partners, Inc., to secure two 15-year, fixed-rate loans through Freddie Mac.  The loan for Continental Gardens is valued at $41.261 million and the loan for Stuart Drive and Rose Gardens Apartments totaled $30.744 million.  Proceeds from the securitized loans, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, were used to refinance the existing debt on the properties.  Bertram Partners, or a wholly owned affiliate, has owned the properties since they redeveloped them in the mid 1980’s.

Continental Gardens is located at 8101 Cerritos Avenue in the western Orange County community of Stanton.  Originally constructed in 1963, the community’s 297 one-, two- and three-bedroom units are 99 percent occupied.  Stuart Drive Apartments is located at 11632 Stuart Drive in the northern Orange County community of Garden Grove.  Also located in Garden Grove, Rose Gardens Apartments is situated three miles southwest of Stuart Drive Apartments at 9645 Westminster Avenue.  Stuart Drive and Rose Gardens, which were developed in 1960 and 1963, total 239 one- and two-bedroom units.  The communities are operated as one property and are 99 percent occupied overall.

The HFF debt placement team representing the borrower consisted of director Jamie Kline and analyst Nicholas Lench.