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September 24, 2020
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SC Development Refis OC Res Community


SC Development has obtained a $9.5 mil Freddie Mac fixed-rate loan to refinance Midway Meadows, a 92-unit apartment community in OCís Midway City.

SC Development developed Midway Meadows in 1987 under a 30-year ground lease from Orange County. The lease agreement called for an age-restricted affordable housing property for the term of the ground lease, which recently expired. SC Development purchased the land establishing fee-simple ownership of the property around the same time as the refinance.

Although SC Development is no longer under any obligation to observe age or rent restrictions it plans to continue operating the Midway Meadows under the current tenant base. The current rents at the property allowed Freddie Mac to achieve mission based affordability goals while in return offering attractive pricing to the borrower.

Capital Oneís Kristen Croxton and Greg Reed originated the transaction. SC Development, the sponsor, is a repeat customer of both Freddie Mac and Capital One. According to Croxton, SC Development was able to take advantage of Freddie Macís Index Lock program during a period of treasury rate volatility, reducing its cost of funds over the 15-year loan.

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