AMCAL Housing has scored a $101 million loan to refinance a 335-unit apartment complex in Woodland Hills.
A KKR opportunistic real estate credit fund provided the debt on the property, which is located at 22121 Clarendon Street, according to property records filed with Los Angeles County. Mortgage broker Gortikov Capital arranged and announced the deal on Friday, but did not disclose the lender.
Gortikov called the two-year, floating-rate deal “attractive financing.” The loan has a small penalty for prepayment and a competitive interest rate, the firm said.
The property, named The Clarendon Apartments, was built by AMCAL in 2020. Monthly asking rents at the complex range from $2,361 for a one-bedroom to $3,700 for a two-bedroom, according to online listings for the property, which runs along the 101 Freeway.
KKR was seeking to raise $1 billion under the fund — known as KKR Real Estate Opportunistic Credit Fund II — in 2022 and scored $150 million in commitments from the Massachusetts Pension Reserves Investment Management Board, according to documents filed with the pension fund.
It’s unclear how much the fund has raised to date and KKR did not respond to a request for comment.
The fund’s strategy: “originate senior loans on transitional assets owned by institutional sponsors in major markets,” according to the documents.
The post AMCAL Housing scores $101M refi for Woodland Hills apartments appeared first on The Real Deal.
Powered by WPeMatico