California mortgage refinance loan

Boston-based Berkshire Mortgage Finance has funded an $88 million permanent loan to refinance two Southern California apartment complexes. An affiliate of Brentwood, Calif.-based Douglas Emmett Realty Advisors owns the properties. The five-year loan, which carries a fixed interest rate of less than 6%, provides $63 million for The Shores, located in Santa Monica, and $25 million for 555 Barrington, located in Brentwood.

The 532-unit Shores, built in 1967, features two 17-story buildings, both of which are on the beach. The 111-unit 555 Barrington, completed in 1989, features a Mediterranean garden courtyard and a two-story fountain.