'Insurance companies are one of the few lenders still willing to hand out debt on multifamily projects, according to brokers and developers in Southern California. After the collapse of First Republic Bank last year and JPMorgan's subsequent acquisition of the bank, regional banks started pulling back from lending on multifamily, construction and other commercial real estate projects.'
At the property, 28 of the units were classified as affordable and included in the City of Irvine's affordable housing lottery. Monthly rents at the complex range from $2,795 for a 615-square-foot, one-bedroom to $4,395 for a two-bedroom unit, according to listings on RentCafe. Those numbers are about in line with average rents for Irvine, Zumper data show.
#panku #real-estate #refinancing #loan #apartment-complex #multifamily-projects #insurance-companies
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