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July 17, 2018
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Sacramento-Area Res Property Refinanced with $47 Mil Fannie Mae Loan


Wasatch Group has obtained a $47.2 mil Fannie Mae fixed-rate loan to refinance Chesapeake Commons, a 600-unit apartment community in Rancho Cordova, a city in the Sacramento Metropolitan Area. The financing, provided through Capital One, is being used to pay off a Fannie Mae regulatory bond on the property.

Capital One’s Kristen Croxton and Greg Reed originated the seven-year fixed-rate loan, which features full-term interest-only payments.

Wasatch has owned the property since February 1997 and during this time has invested substantially in upgrading exteriors, community amenities, and individual units. “To increase the sustainability of the property, the Wasatch Group agreed to make upgrades that would lead to at least a 20 percent reduction in water use,” Reed said. “This qualified the project for reduced pricing under Fannie Mae’s Green Rewards program.”

Founded in 1988, the Wasatch Group is a fully integrated real estate development, construction, property management, guaranty capital, and venture investment company. Its holdings include 16,300 multifamily units and 4 msf of commercial property throughout the western United States, with assets totaling approximately $4 bil.

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