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Glencrest Group and Angelo, Gordon & Co, L.P. Refinance 180-Unit Bay Area Res Community

1/02/20

A joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. has obtained refinancing of $34.5 mil on Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, CA. The loan was arranged by JLL.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas St, just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 f in size. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

JLL’s Peter Smyslowski, Charles Halladay and Jonah Aeylon arranged the 10-year, 71.5% LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. This transaction marks the second acquisition for the joint venture, which earlier this year also acquired Vineyard Gardens in Santa Rosa, CA.





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