JLL Capital Markets closed the refinancing of a 172-unit, garden-style active adult community in Chatsworth, California. The borrower was Universe Holdings, and they received $30.315 million in fixed-rate funds through Freddie Mac for 10 years.
Nantucket Creek was built just over 35 years ago and has one- and two-bedroom units ranging in size from 623 feet to 1,100 feet. The community has a clubhouse, fitness center and many other amenities, and at closing the occupancy was about 97%. That strong census may be why a 35-year-old building was able to get financing for $176,000 per unit.
The JLL team representing the borrower included Charles Halladay, Jonah Aelyon and Elie Miraglia.
