Berkadia Secures $44.5M in Refinancing for the Fountains of Fair Oaks in Fair Oaks, California
LOS ANGELES, California – February 15, 2024 – Berkadia announced today the refinancing of The Fountains of Fair Oaks, a 270-unit, garden-style multifamily property in Fair Oaks, California. Managing Director Allan Freedman of Berkadia Los Angeles secured $44.5 million in refinancing through Freddie Mac on behalf of The Ezralow Company. The deal closed on February 1.
Freddie Mac originated the five-year loan with five years of interest-only.
“The client wanted a short-term fixed rate loan while they contemplate the future for the asset,” said Freedman. “The full-term interest-only option provides exceptional cash flow to the client.”
Located at 4800 Sunset Terrace, the property is conveniently located near the Sunrise Mall, Downtown Sacramento, and Sacramento International Airport.
The Fountains of Fair Oaks was built in 1975-1976 and completely renovated in 2012. The property features 270-units with electric heaters, hardwood inspired floors, contemporary cabinets, patio or balcony, stainless steel appliances, high speed internet access, microwave, and central heating and air conditioning. Select unit amenities include closets, fireplaces, washer/dryer, and storage on patio.
Community amenities of the pet friendly property include a clubhouse, spa, fitness center, bike rooms, basketball court, tennis court, 24-hour parcel room, large decks with barbeques and fire pit, lounge, 24/7 resident payment portal, gardens with courtyards, courtesy patrol, business center, controlled access and six laundry facilities.
The property recently received 1st place for “Best Apartment Living” with the Best of Fair Oaks in 2023.
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