Triumph Properties has obtained a $74.9 million HUD 223(f) loan for the 38-acre Saddleback Ranch Apartments, located at 23151 Los Alisos Blvd., in Mission Viejo, Calif.
The garden style community was completed in 1971 and consists of 38 two-story walk-up buildings. Saddleback Ranch comprises 305 units and features floorplans ranging from one to three bedrooms.
Property amenities include two swimming pools, a 24-hour fitness center, a basketball court, a tennis court, bike trails, walking paths and four laundry facilities.
Saddleback Ranch is convenient to nearby shopping, dining and entertainment options in Mission Viejo, and offers easy access to Interstate 5, which is just 2 miles away. The Orange County community is 14 miles from The University of California Irvine and 2.6 miles from Laguna Hills Transportation Center, which offers public transit options.
Dwight Capital’s Josh Sasouness originated this transaction on behalf of Triumph Properties. According to Dwight Capital, the community was 98 percent occupied at the time of origination. Last month, the firm closed a $60 million bridge loan for Residences at Town Square, a 480-unit community in Amarillo, Texas.