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2/06/16
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Bridge Partners has obtained $31.8 mil in assumption and secondary financing for Waterford Place Apartments, a 290-unit community located at 240 Natoma Station Dr in the NoCal city of Folsom. The financing was arranged by Andrew Behrens and Jesse Weber of CBRE’s Capital Markets’ Debt & Structured Finance team, out of San Francisco.
Built in 1991, the garden-style community consists of 204 apartments and 86 condominiums. Common area amenities include a pool, spa, sauna and outdoor fireplace and barbeque area. The property also offers a state-of-the-art cardio and fitness facility, community clubhouse, leasing office and professional on-site management. Parking is ample with both garage and covered parking available to residents.
Waterford Place is located minutes away from Sacramento and Folsom Lake Recreational Area, midway between San Francisco and Lake Tahoe, and just 40 minutes from Sacramento International Airport. Residents can bike, hike or boat at nearby Lake Natoma and have access to several antique shops, art galleries, and restaurants of the historic Sutter Street district. The property also enjoys easy access to 50, 51 and 80 Freeways.
The transaction consisted of $27.3 mil in assumption financing and $4.5 mil in co-terminus secondary financing through the Fannie Mae supplmental loan program.
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