Crawford Park Financial Announces Refinance of Carmona Apartments

BEVERLY HILLS, Calif., Aug. 14, 2012 /PRNewswire/ -- Crawford Park Financial Inc. is pleased to announce the refinance of the Carmona Apartments, located in Los Angeles, California.  The apartments are a four building, thirty-two unit apartment complex. The four buildings were refinanced in two separate transactions. 

The first transaction (3 buildings) was refinanced with a Fannie Mae loan. The terms of the loan included a 10 year loan fixed rate of 4.00% and a loan amount of $2,085,000.  In this transaction they were able to pay investors back 51% of their investment in only thirteen months.  The terms of the second transaction (1 building) are currently being worked out, but should be completed shortly. 

Crawford Park Financial worked with Mark Schillinger of George Smith Partners to obtain the refinancing of the Apartments. The Fannie Mae loan was arranged through the Fannie Mae DUS Lender, Centerline Capital Group.

The property was acquired in June 2011 and was only 55% occupied at the close of escrow. Crawford Park immediately started renovations, investing over $6,000 per unit. These improvements included: exterior paint, lighting and landscaping; three new laundry rooms and interior renovation of most units that included: first floor hardwoods, paint, carpet, ceiling fans, self-cleaning ovens and updated electrical amperage.

Trust Deed Investing

When speaking with Joanna Crawford, Vice President of Crawford Park Financial, she told us that they closed 21 private lender loans in the first two quarters of 2012. Those loans totaled $4,015,000. They anticipate that the second half of the year will be just as busy as the first.

About Crawford Park

Apartment investor / syndicator and asset based real estate lender. Sponsors partnerships with investors to acquire apartments in California. Investments are located in supply constrained markets and purchased below replacement cost. Then value is added through improving and repositioning the property. The Trust Deed loans are based primarily on the value of the asset. Lending is on both commercial and residential properties. The funding for each loan comes from a private investor.

For more details or to request investor information, please contact Mark Crawford at 310-273-3333, [email protected], or visit www.crawfordparkfinancial.com

SOURCE Crawford Park Financial Inc.