CBRE Provides $31.8M for 290-Unit California Multifamily Development

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CBRE Capital Markets said it provided $31.8 million in assumption and secondary financing for the acquisition of Waterford Place Apartments, a 290-unit community in Folsom, Calif.

CBRE’s Andrew Behrens and Jesse Weber of the company’s San Francisco office facilitated the 10-year, fixed-rate loan on behalf of Bridge Partners, which picked up the property from Prometheus Real Estate Group. CBRE declined to cite the acquisition price.

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CBRE officials told Commercial Observer that the 10-year financing had a substantial prepayment penalty if paid off prior to nine and a half years into maturity, therefore assuming the existing debt was a key part of getting the deal closed.

They also provided $27.3 million in assumption financing and $4.5 million in co-terminus secondary financing through the Fannie Mae supplemental loan program.

“We’re excited to add Waterford Place Apartments to our Sacramento portfolio and believe the fantastic location will lead to long-term growth,” said Brad Harrington of Bridge Partners.

The garden-style community, originally built in 1991, includes 204 apartments and 86 condominiums. The property has state-of-the-art cardio and fitness equipment, a pool, a sauna, a spa, an outdoor fireplace and a barbecue area, as well as professional on-site management, a garage and covered parking for residents.

Prometheus, based in San Mateo, Calif., has more than 12,000 residential units in the San Francisco Bay Area.