California Community Lands $39M Fannie Mae Green Loan
- Nov 11, 2019
Arbor Realty Trust has funded a $39 million Fannie Mae Green Rewards loan in California. The recipient was Canyon Crest Views, a 178-unit garden-style property owned by Afton Properties.
Fannie Mae originated the funds in August when Afton Properties acquired the asset from Klingbeil Capital Management. The sale was thus subjected to an acquisition and development loan bearing an interest rate of less than 4 percent per annum, with the due date set for September 2034, as per Yardi Matrix data. Alexander Kaushansky of Arbor’s New York City office originated the loan.
The 54-building Canyon Crest Views was built in 1983 and occupies nearly 11 acres at 5253 El Cerrito Drive in Riverside, Calif. Its unit mix comprises one- to three-bedroom townhomes and apartments ranging from 858 to 1,426 square feet, with an occupancy rate of 95 percent in September. Units feature vaulted ceilings, washer and dryers, fireplaces, private balconies/patios and private garage parking. Common-area amenities include two swimming pools, a multilevel fitness center and a clubhouse.
Fannie Mae’s Green Rewards is a product feature that provides lower pricing, additional loan proceeds and a free energy and water audit report to finance green improvements. Eligible improvements include new Energy Star appliances, energy-efficient HVACs, low-flow toilets, LED lighting and more.