Vine is a 98-unit apartment building in Fullerton, California. Eric Kramer purchased Vine with a group of investors in October 2013. Independence Bank, which was subsequently acquired by Pacific Premier Bank, provided the acquisition financing. Structure PMG was hired to provide property management services.
Services & Improvements
After a successful repositioning of the asset, which included addressing deferred maintenance, a series of value-add capital improvements and increases to the income, we refinanced Vine in January 2017 with First Foundation Bank.
Results
This refinance allowed us to make a substantial distribution and return of invested capital to Vine’s investors. Vine continues to produce strong regular distributions to its investors.