San Francisco – February 5, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has provided $31.8 million in assumption and secondary financing for Waterford Place Apartments, a 290-unit community located at 240 Natoma Station Drive in Folsom, California.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office facilitated the assumption of the existing 10-year, fixed-rate term on behalf of Bridge Partners. Additionally, they provided $27.3 million in assumption financing and $4.5 million in co-terminus secondary financing through the Fannie Mae supplemental loan program.
Brad Harrington of Bridge Partners stated, “We are excited to add Waterford Place Apartments to our Sacramento portfolio and believe the fantastic location in Folsom will lead to long-term growth. We were dealing with a fractured condo community with a loan assumption and supplemental, however Andrew Behrens and Jesse Weber of CBRE’s Capital Markets team made a complicated financing seem easy.”
Built in 1991, the garden-style community consists of 204 apartments and 86 condominiums. Common-area amenities include a pool, spa, sauna and outdoor fireplace and barbeque area. The property also offers a state-of-the-art cardio and fitness facility, community clubhouse, leasing office and professional on-site management. Parking is ample with both garage and covered parking available to residents.
Residents can bike, hike or boat at nearby Lake Natoma and have access to several antique shops, art galleries, and restaurants of the historic Sutter Street district. The property also enjoys easy access to 50, 51 and 80 Freeways.
Waterford Place is located minutes away from Sacramento and Folsom Lake Recreational Area, midway between San Francisco and Lake Tahoe, and just 40 minutes from Sacramento International Airport.
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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 (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.