Decron Properties Lands $83M Fannie Mae Refi for SoCal Multifamily Complex

Multifamily activity is rare in Southern California’s Simi Valley, but a Los Angeles-based development firm just secured a hefty refinancing package tied to one of its apartment communities in the sleepy enclave. 

Decron Properties landed $82.9 million in Fannie Mae financing tied to River Ranch Apartments, a 398-unit, garden-style complex at 1518 Patricia Avenue. The permanent financing will allow Decron to pay off existing debt while also freeing up capital to “continue to operate River Ranch at a high level,” according to broker BWE.

BWE’s Jake Roberts and Mike Guterman arranged the debt on behalf of Decron. The five-year, fixed-rate loan has the lowest agency financing rate that BWE has secured in more than three years, per the brokerage, though the exact rate was not disclosed. It’s likewise the lowest rate that Decron has secured for any of its properties in the post-pandemic era.

“This is the lowest fixed-rate financing we’ve achieved in our portfolio in the last four years, and it’s a testament to our conservative approach to capital structuring in an environment where rates remain significantly elevated,” David Nagel, Decron’s president and CEO, and Daniel Nagel, the company’s chief investment and chief financial officer, said in a joint statement. 

“We’ve been deliberate and disciplined in how we approach our capital stack,” they added. “By combining good timing with a thoughtful investment thesis around debt and capital structure, we’ve been able to execute an incredible outcome in a tough capital market. This refinancing puts our investors in the strongest possible position and enables us to continue investing in this property and our broader portfolio.”

Decron, which owns nearly 50 multifamily and commercial properties across Arizona, California and Washington state, made headlines in recent years with several major property sales well north of $100 million. In 2024, the firm traded the 376-unit Ranch at Moorpark to AEW Capital Management for $133 million. Roughly six months earlier, it sold a two-property portfolio in Thousand Oaks to FPA Multifamily for $171.3 million. 

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