BLDG Partners Lands $82M Fannie Mae Loan Toward SoCal Affordable Housing Buy

The proud new owner of an affordable housing community near Disneyland has landed a nine-figure acquisition loan to get the deal across the finish line — or through the gates of the Magic Castle, as it were.

NewPoint Real Estate Capital has provided a seven-year, $82 million Fannie Mae (FNMA) loan toward BLDG Partners’ purchase of Park Vista Apartment Homes in Anaheim, Calif., the lender announced Monday. The Beverly Hills-based investment firm paid $108 million to Bethesda Holdings for the 392-unit complex in late February, or nearly $280,000 per unit. 

Martin Fayer, senior managing director on NewPoint’s originations team, arranged the financing. The property, at 1200 North Robin Street about three miles north of Disneyland, is entirely set aside for households earning 60 percent or less of the area median income.

“It sets up long-term benefits for the new owners to continue their commitment to affordable and workforce housing and for residents of Anaheim in the form of the hundreds of housing units that will now remain affordable for decades to come,” Fayer said in a statement.

As California’s housing crisis rages on, the region’s affordable housing market has seen much investment activity lately.

Just last week, for example, Foster City, Calif.-based MidPen Housing landed a $162.9 million loan from Wells Fargo toward construction of the second phase of development for Midway Village, a 113-unit affordable complex in the nearby Bay Area city of Daly. Also last week, Community Preservation Partners paid Belveron Partners $23.3 million for the 49-unit Ramona Park community in Baldwin Park, about 18 miles east of Downtown Los Angeles. CPP plans to spend an additional $75,000 per unit for renovations and upgrades to the apartments.

Nick Trombola can be reached at ntrombola@commercialobserver.com.