Wasatch Group Lands $47M Refi Loan
- Aug 02, 2017
Wasatch Group obtained a $47.2 million Fannie Mae fixed-rate loan to refinance Chesapeake Commons, a 600-unit apartment community in Rancho Cordova, Calif. The property is in the metro Sacramento area.
The seven-year, fixed-rate loan has full-term, interest-only payments. Wasatch Group used the loan to pay off a Fannie Mae regulatory bond on the property.
Kristen Croxton and Greg Reed, senior vice presidents in Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the transaction.
“To increase the sustainability of the property, Wasatch Group agreed to make upgrades that would lead to at least a 20 percent reduction in water use,” Reed said. “This qualified the project for reduced pricing under Fannie Mae’s Green Rewards program.”
Utah-based Wasatch Group has owned the property since February 1997, and during those 20 years has invested substantially in upgrading its exteriors, community amenities, and individual units. The company’s holdings include 16,300 multifamily units and 4 million square feet of commercial property in the western United States.
Image courtesy of Chesapeake Commons