Encino Apartment Gets Mortgage

The owners of a new Encino apartment complex refinanced their construction loan into a long-term, fixed-rate loan in a transaction arranged by Jones Lang LaSalle Inc. Held Properties secured a 10-year loan for $15.5 million with 3.65 percent annual interest rate for White Magnolia Apartments, a 50-unit complex at 17720 Magnolia Blvd. Held finished construction on the property about a year ago. Jones’ Managing Director Brian Halpern led the team on the transaction. “We are excited to see White Magnolia completed and to take advantage of the competitive debt market for long-term, fixed-rate finance,” said Robert Held, president and chief executive. According to Jones, the complex was 92 percent occupied at the time the loan was signed. The complex owners plan to hold the apartment complex for the long-term, Jones said.