Raintree Partners Lands $91M for 2 California Communities
A Capital One team originated both Freddie Mac loans.
Colony Parc. Image courtesy of Capital One
Raintree Partners has landed two variable-rate Freddie Mac notes, totaling $90.9 million, for two South California communities. Capital One provided a $77.3 million refinancing loan for Colony Parc, a 272-unit property in Ventura, and a $13.6 million coterminous supplemental loan for Hensley at Corona Pointe, a 628-unit community in Corona. Kristen Croxton, Greg Reed and Tina Quirin, senior vice presidents at Capital One, originated the financing transactions.
Raintree Partners’ portfolio comprises 40 assets totaling more than 7,700 units across California, according to Yardi Matrix information. In Ventura and Corona alone, the company owns 10 properties with more than 2,250 units combined.
Pursuing improvement plans
Located at 848 Weber Circle, Colony Parc comprises 22 buildings completed in 1988. The two-story community features one- and two-bedroom floorplans. Raintree will use the current 10-year financing to continue the property improvement plan in place since 2012. The company has already upgraded most of the units and building exteriors. The 5-year interest-only loan will be amortized over a 30-year schedule.
Hensley at Corona Pointe. Image courtesy of Capital One
Hensley at Corona Pointe occupies roughly 30 acres at 1171 E. Baywood Drive. Built in the same year as Colony Parc, the 49-building, two-story property comprises one- and two-bedroom floorplans averaging 769 square feet.
Raintree picked up the asset back in 2021 for $122.1 million, Yardi Matrix data shows, and assumed the $103.9 million outstanding balance of an existing loan from 2019. The owner will use the current supplemental financing to further pursue property renovations.
