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12/03/20
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Two Sacramento area multifamily properties were refinanced in separate loan transactions totaling $42.6 mil. The deals were arranged by Greystone Real Estate Advisors’ Todd Vitzthum, Simon Hermann and Cody Field on behalf of the property owner, Albert Gomez. The financings were funded through two different sources, Freddie Mac and Fannie Mae.
In the larger deal, Carmel Pointe, a 332-unit property located in Sacramento proper, received a 10-year, fixed-rate, $31.95 mil Freddie Mac mortgage. Built in 1985, the property spans 28 buildings and includes 558 parking spots. Amenities at the majority one- and two-bedroom community include two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court, and on-site laundry rooms.
In the other transaction, Ashbury Court, a 92-unit property in Rancho Cordova, received a 10-year, fixed-rate, $10.65 mil Fannie Mae Green Rewards mortgage. Amenities for the studio-, one-, and two-bedroom units include a clubhouse with fitness center, swimming pool, tennis court, and laundry. By participating in the Green Rewards program, the property owner will install water and energy efficiency measures at the property.
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