Bollibokka Land Co. has received $14.6 million in refinancing for Sierra Ridge Apartments, a 148-unit community in Citrus Heights, Calif. Berkadia secured a 12-year, fixed-rate Freddie Mac loan on behalf of the owner.
Built in 1985, the property comprises one- and two-bedroom units with granite countertops, stainless steel appliances and walk-in closets. Common-area amenities include a picnic area, swimming pool, grill and spa.
Located at 7434 Auburn Oaks Court, the community is just off Interstate 80 and less than 10 miles from Sacramento McClellan Airport. The surrounding area has several retail and dining options, including Ridge at Creekside shopping center, which is 4 miles from the property.
Berkadia’s Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins arranged the financing. Last month, Sinberg was part of a team which secured a $17.8 million Freddie Mac loan for 29th Street Capital. The financing was used in the acquisition of Southern Cove, a 180-unit community in Tampa, Fla.
