MF1 Lends $51M on California Multifamily Complex

Construction financing will go toward finishing the 10-building, 9-acre Mossdale Landing Apartments

reprints


A limited liability company backed by Rubik Built, Wright Equities and The Grupe Company has secured $51 million in takeout construction financing to complete Mossdale Landing Apartments, a 204-unit multifamily complex in Lathrop, Calif.  

MF1 provided the three-year bridge loan, while JLL Capital Markets arranged the transaction on behalf of the three-member sponsorship. The JLL team was led by senior managing director Jeff Sause, director Lillian Roos and analyst Jalynn Borders, the brokerage announced today. 

SEE ALSO: Affinius Capital Provides $165M Refi for Three Columbus Multifamily Properties

In a statement, Roos praised the leasing done by the sponsor team even as the building was finishing completion this summer. 

“The sponsor team has done an exceptional job delivering highly amenitized Class A product into the supply-constrained submarkets of the Central Valley, exemplified by the impressive leasing demand at Mossdale and their other nearby projects,” said Roos. 

Located at 18008 Golden Valley Parkway — just off U.S. Route 5 and parallel to the San Joaquin River in Central California — Mossdale Landing Apartments sits on 9 acres and is two miles from the ACE rail station, a regional network with easy access to nearby San Francisco and Oakland. 

The 10-building complex at Mossdale Landing features one-, two- and three-bedroom luxury, garden-style units and various community amenities. These include private pool and spa access, a deluxe fitness studio, a meditation room, a game room, a dog spa, and an outdoor  grilling area. 

The sponsorship consortium of Rubik Built, Wright Equities and The Grupe Company are all based in Central California, and did not respond to requests for comment on the deal. 

Brian Pascus can be reached at bpascus@commericalobserver.com