REDLANDS, CA—Berkeley Point Capital LLC closed a $32.7 million refinance loan for Barton Vineyard Apartments. The 296-unit property is in Redlands, Calif.

The loan was arranged through the Fannie Mae Structured ARM program. It provides the owner with a 10-year, 2.31 percent adjustable-rate loan, with a 30-year amortization. The proceeds are being used to pay off a higher fixed-rate loan on the property.

“This transaction provided the best possible combination of leverage, pre-payment flexibility, and a very low interest rate, said Rob Cantizano, senior managing director at Berkeley Point Capital, in a statement. “We look forward to continuing out partnership with the firm and will continue to demonstrate out ability to execute as promised in a timely manner.”