SAN DIEGO—Johnson Capital has arranged $23 million in multiple loans for multifamily and residential properties throughout the western United States. The deals were arranged by Richard Caterina, senior vice president in Johnson Capital’s local office.
“These were all unique loans because they addressed specific but different issues with each property,” Caterina said. “Our value-add was to help solve those problems or overcome these obstacles for our client.”
San Diego-based Pathfinder Raintree Residential received an $8 million line of credit in order to purchase single-family homes for rent in San Diego County. A regional bank provided the non-recourse, fixed interest rate loan. Pathfinder also secured a $3.25 million loan to recapitalize the 29-unit Pines at Totem Lake. Located in Kirkland, Wash. the luxury condominium is in the process of being repositioned by Pathfinder. A regional bank provided the five-year, non-recourse, fixed-rate loan.
Caterina arranged two loans for Pathfinder in Phoenix. The 96-unit Aura Apartments received a $2.75 million, five-year, non-recourse loan. The 21-unit Shorewood Apartments secured a $709,500 five-year bank loan.
Finally, Caterina arranged a $7.9 million one-year loan, which will allow the borrower to develop an oceanfront, single-family residence in La Jolla, Calif.