Dealmaker: Berkadia Secures $45M in Refinancing for California Multifamily

(Image courtesy of Berkadia)

Berkadia, New York, refinanced The Fountains of Fair Oaks, a 270-unit, garden-style multifamily property in Fair Oaks, Calif.

Managing Director Allan Freedman of Berkadia Los Angeles secured $44.5 million in refinancing through Freddie Mac, McLean. Va., on behalf of The Ezralow Co. The deal closed on February 1.

“The client wanted a short-term fixed-rate loan while they contemplate the future for the asset,” Freedman said. He noted the full-term interest-only option will provide The Ezralow Co. with good cash flow.

Located at 4800 Sunset Terrace, the property is close to the Sunrise Mall, downtown Sacramento and Sacramento International Airport. The Fountains of Fair Oaks dates to 1976 and was completely renovated in 2012.