Gallaher Cos. Lands Refi for California Townhomes
- Sep 15, 2021
Gallaher Cos. has secured a $71.3 million refinancing for Sendero Townhomes, a 197-unit, two-story furnished apartment community in Santa Rosa, Calif. Greystone’s Matt Miller arranged the Freddie Mac Optigo loan.
The property is situated at 1791 Sebastopol Road, located just off Route 12. The non-recourse loan carries a seven-year term with a 30-year amortization and four years of interest-only payments. It allows the borrower to exit its construction loan on the property, built in 2021 in a wildfire-scarred region with a shortage of rental housing.
Last week, Greystone worked on behalf of a joint venture to secure a $35.9 million construction loan for a St. Louis, Mo., senior housing community.
Access to recreation
The three-bedroom, 2.5-bath residences at Sendero Townhomes feature private landscaped backyards, attached garages, individual entries and porches, oversized windows and vinyl plank flooring. Free WiFi at the pool and clubhouse areas top the amenity list.
The apartment community is 11 minutes from Santa Rosa Junior College and 19 minutes from Sonoma State University. Five elementary and charter schools, two middle schools and four high schools serve the area. Three grocery stores, including Avenue Plaza and Stony Point Plaza, are located within an eight-minute drive. Parks and recreational areas within 16 minutes’ drive are Luther Burbank Home and Gardens, Colgan Creek Trail, Santa Rosa Junior College Planetarium, West Country Regional Trail and Hunter Creek Trail.
Santa Rosa remains a mecca for wine aficionados and features a number of local breweries. Having preserved many of its homes and buildings, Santa Rosa features a number of Victorian-era enclaves that appear unchanged from the way they looked in the early 20th century.