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August 11, 2022
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NORTHERN CALIFORNIA NEWS
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JB Matteson Locks Up $33 Mil Refi on Sacramento Multifamily Property

8/02/22

JB Matteson has secured a $33 mil refi loan on Granite Point Apartments, a 384-unit, Class A multifamily property the company owns in Sacramento. Built in 2003, the property is located at 4500 Truxel Rd.

Granite Point Apartments consists of 192 one-bedroom, 180 two-bedroom, and 12 three-bedroom units. Units feature contemporary cabinetry, walk-in closets, washer/dryers, central heating and air conditioning, and private patios or balconies. Community amenities include a clubhouse, business center, fitness center and yoga studio, pool and spa with outdoor showers, sundeck with cabanas, and a picnic area with BBQs.

Granite Point is ideally situated within the North Natomas neighborhood which provides convenient access to both Downtown Sacramento and the Sacramento International Airport, each fewer than a 15-minute drive away from the community. There are five shopping centers within two miles of the property that include several restaurants, grocery stores, home improvement stores, personal services, discount retailers, and boutique shops. The Natomas Unified School district has nine elementary/K-8 schools, three middle schools, four charter schools, and three high schools in close proximity to the property. Residents can enjoy multiple parks within a 10-minute drive including the North Natomas Regional Park which sits on 200+ acres of recreational space.

Dennis Williams, Tom Wight, Jackie Goldsmith and Soraya Rios with Northmarq arranged the 10-year, full-term interest-only financing through a correspondent life insurance company. Northmarq is the servicer and will remain involved for the life of the loan.

The lender locked rate with a forward contract in October 2021, allowing the sponsor to schedule the payoff of its existing loan for July 2022 after the expiration of the prepayment penalty period.




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