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CALIFORNIA — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County.
Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower.
“California remains a center of the country’s housing crisis, so it’s critical that low-income housing developments like these have the financing they need to thrive and serve their residents,” says Killough.
The five loans include:
- $1.3 million loan to refinance Cottonwood Senior Apartments, an 81-unit affordable seniors housing community in Placerville. All units in the building are restricted to residents over age 55 earning at or below 40 percent of the area median income (AMI). The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit.
- A $2.6 million loan to refinance Cottonwood Park Apartments in Placerville, a 78-unit, “large family” apartment complex. The complex consists of two-, three-, and four-bedroom apartments spread across a mix of 21 two-story apartment buildings, townhomes, and garden-style apartments. All units across the property will be affordable to residents earning at or below 46 percent AMI. The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to help pay off an existing Freddie Mac loan.
- A $2 million loan to refinance Shingle Terrace Apartments in Shingle Springs, a 72-unit apartment complex. The community consists of 21 two-story apartment buildings with a mix of two-, three-, and four-bedroom units. All units across the complex will be affordable to residents earning at or below 40 percent AMI. The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off an existing line of credit.
- A $1.8 million loan to refinance Diamond Terrace Apartments in Diamond Springs, a 62-unit apartment community. The complex includes a mix of two-, three-, and four-bedroom apartments spread across 17 two-story residential buildings. All apartments will be affordable to residents earning at or below 40 percent AMI. The fixed-rate loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to cash neutralize upcoming refinances.
- A $4.7 million loan to refinance Windsor Park Apartments in Windsor, an 80-unit apartment complex. The property includes five two-story apartment buildings with a mix of two-, three- and four-bedroom units. All of the apartments will be affordable to people making at or below 40 percent AMI. The loan has a 15-year term with three years of interest-only payments and a 30-year amortization. The borrower intends to use the loan to pay off existing Freddie Mac debt.