Northridge Gardens

Transaction description

PSRS provided financing for this 123 unit apartment building as part of a two-complex deal.  Both properties are located in Northridge California and are near CSU-Northridge; which places them nicely where they can help to serve the large student population.  Originally constructed in 1985, this three-story building is 100% occupied, with a unit mix divided among one, two and three bedroom unit types.  Amenities include parking, pool, Jacuzzi, fitness room, study lounge, two dry saunas, common laundry rooms, leasing office, two elevators and controlled access. The 5 year, floating term loan, amortizes over 30 years and was priced at 1.95% over LIBOR.