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Prudential helps refinance two California complexes

Newark, N.J.-based Prudential Mortgage Capital Co. has originated $94.1 million in first-mortgage and mezzanine financing for R&B Investment Co., a division of Los Angeles-based Oakwood Worldwide. R&B used the proceeds to refinance two California luxury apartment complexes: Marbrisas I and II, a 500-unit community in Chula Vista, Calif.; and The Crest at Phillips Ranch, a 501-unit community in Pomona, Calif.

The first-mortgage financing consists of a five-year, $76.7 million loan that carries a 7.98% interest rate. Prudential Multifamily Mortgage Inc. and Los Angeles-based Prudential Carbon Mesa originated the first-mortgage financing through Washington, D.C.-based Fannie Mae's Delegated and Underwriting Servicing (DUS) program and the mezzanine financing through New York-based Chase Capital Partners.

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