Citrus Heights, Calif. (March 31, 2020) – Berkadia announces it has arranged $14.6 million in refinancing for Sierra Ridge Apartments, a 148-unit multifamily community in Citrus Heights, California, northeast of the state capital Sacramento. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the refinancing on behalf of Bollibokka Land Company, a family office based in Mill Valley, California.
Berkadia originated and Freddie Mac purchased the 12-year, fixed-rate loan with full- term interest only.
“The sponsor’s existing presence in and knowledge of the area coupled with a strong track record as a legacy firm provided a solid foundation for them to secure this refinancing,” said Sinberg. “With low interest rates, holding onto a value-add asset like Sierra Ridge in a secondary market may result in a compelling investment period.”
Built in 1985, Sierra Ridge is located at 7434 Auburn Oaks Court. One- and two-bedroom units include granite countertops, stainless steel appliances, walk-in closets, range, washer/dryer, dishwasher and disposal. Community amenities feature a picnic area, grill, swimming pool and spa.
Located northeast of Sacramento, the community is found near important transit routes and employers. Interstate 80 is less than five minutes away, offering direct access into Downtown Sacramento and the San Francisco metropolitan area. The 30,000-student American River College is 10 minutes away, and Sacramento McClellan is only a 15-minute drive from the property.