print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Newcastle Enterprises Secures $24M Refi on Castlewood Park Apts

IPA Arranges Special Funding on Buena Mark Multifamily
February 15, 2018
Newcastle Enterprises Ltd. secured $24 million to refinance existing debt on its Castlewood Park Apartments at 6968 Campus Dr. in Buena Park, CA.

Michael Derk and Nick Gray with Institutional Property Advisors (IPA) Capital Markets arranged the debt package on behalf of the borrower. It was structured at below market interest rate with five years of interest-only payments at 3.67 percent followed by a 30-year amortization schedule.

"We worked with the existing lender and a new capital source to secure special funding and recording on the only available payoff date for the previous loan," says Derk, a senior managing director with IPA. "Faced with a rising interest rate environment, we put our lender relationships to work to secure the best financing available."

The 183-unit, 181,779-square-foot multifamily property was originally built in 1963 on six-tenths of an acre in the Buena Mark Multifamily submarket of Orange County. It is comprised of a mix of one- and two-bedroom layouts across 40 garden-style buildings, including balconies, fireplaces, storage units, laundry facilities and a swimming pool.
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News