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