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Fannie Mae provides $97.5m in loans on California apartments

Fannie Mae has provided a combined $97.5 million for two refinancing loans on garden-style apartment properties in Monterey and Orange Counties in California.

Orange County, California
Orange County, California

Fannie Mae has provided a combined $97.5 million for two refinancing loans on apartment properties in Monterey and Orange Counties in California, according to data from Real Capital Analytics.

The lender provided a 10-year, $36 million loan on a group of two-story apartment townhouses at 682 Wahl Court in the town of Marina. The loan on the 354-unit community carries a 4.2 percent fixed rate and a 51 percent loan-to-value (LTV). The property had a 95 percent occupancy at the time of closing.

The City of Marina purchased Preston Park and worked with Fannie Mae on the loan terms. Preston Park Sustainable Communities will manage the property, which was built in 1987.

Fannie Mae also provided a 10-year, 4.3 percent, fixed rate $61.5 million loan with an LTV of 61 percent on a three-story apartment property in southern Orange County, California. The Sendero Gateway Apartment Homes at 1701 Gateway Place, near San Juan Capistrano in Orange County, has 286 units with a 95 percent occupancy at the time of closing.

A development company finished those apartments last year as part of a residential village called Sendero, part of the 23,000-acre Rancho Mission Viejo, which the same family has owned and managed since 1882.

Fannie Mae provided $42.3 billion in financing to the multifamily market in 2015 to support 569,000 units of multifamily housing, according to a company statement.

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