Decron Obtains Low-Rate $83M Financing on Simi Valley Apartments
BWE has secured an $82,885,000 loan to provide permanent financing for River Ranch Apartments, a 398-unit, garden-style apartment community in Simi Valley. SVPs Jake Roberts and Mike Guterman of BWE’s Los Angeles office originated the financing from Fannie Mae on behalf of Decron Properties.
The five-year, fixed-rate loan has the lowest rate BWE has secured on agency financing in more than three years. It will allow Decron to pay off existing bank debt while getting cash-out that enables ownership to continue to operate River Ranch at a high level.
“Real estate is an industry built on relationships, and thanks to the strong connections that BWE has forged with both Fannie Mae and the bank holder of Decron’s previous debt, we were able to negotiate a waiving of the exit fees while obtaining very low-interest financing that will help Decron execute on their long-term plan for River Ranch Apartments,” said Roberts.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout