Sacramento, CA – Aug. 2, 2017 — CBRE Affordable Housing has arranged the sale and financing of Alhambra at Mace Ranch, a 160-unit affordable multifamily property in Davis, California, for $28.5 million.
Tim Flint, senior vice president of CBRE Affordable Housing’s Debt and Structured Finance team, and Marc Ross of CBRE Sacramento represented the seller in the transaction. Built in 1999, Alhambra at Mace Ranch operates under the Section 42 Low Income Housing Tax Credit program and has 70 units restricted at 60% of AMI.
CBRE Affordable Housing’s Jim Flinn secured $20.2 million in acquisition financing with a 15-year fixed rate loan provided by Fannie Mae, with 8 years of interest only.
“The valuable partnership between CBRE Affordable Housing and Fannie Mae allowed us to provide a flexible loan to meet our client’s unique needs,” stated Flinn. “We were able to tailor the yield maintenance to 13 years, shorter than the standard prepayment term, to better align the prepayment penalty with the client’s execution strategy based on the property’s affordability restrictions expiring in 12 years.”
Alhambra at Mace Ranch offers attractive one-, two-, three-, and four-bedroom floor plans as well as desirable unit and community amenities, including walk-in closets, hard wood floors, a swimming pool, and fitness center. Less than 4 miles from University of California Davis, the biggest employer in the area with over 28,000 employees, Alhambra is conveniently located with easy access to all major highways and public transportation.
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $14 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.