The Colliers Structured Finance Group (SFG) has closed a $27,765,000 Fannie Mae loan for the refinancing of Edgeway, a 91-unit multifamily property in Bellflower, California. The loan is priced at 5.5% for fove years and was arranged for Serrano Development Group by Colliers SFG’s Jonathan Lee, Bill Hyatt and Shahin Yazdi.
“Leveraging the Colliers’ national platform to the fullest, in particular our DUS [Delegated Underwriting and Servicing] license, we were able to work out competitive terms through Fannie Mae that met our client’s needs,” Lee noted.
Colliers SFG closed the Fannie Mae loan prior to property stabilization. Built in 2023, the Edgeway luxury apartment community offers one-, two- and three-bedroom units with open floor plans with ample natural light, and features quartz countertops, stainless steel appliances, in-unit washer and dryer, private balconies, modern technology features and ample storage.
Community amenities include a resort-style pool, spa and cabana lounge, business center and co-working lounge, dog run and pet wash, fitness center with spin studio and multiple outdoor lounges with gourmet BBQs.
“Jonathan and his team placed the original construction loan in 2021, and they understood the property and our investors’ expectations. 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,” said Jason Tolleson, principal of Serrano Development Group. “Colliers was able to rate-lock and secure a cash-out loan before the property reached stabilization, which kept us in excellent standing with our construction lender and gave a very healthy return to our investors.”
