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Bella Pointe Apartments Gets 10-Year Variable-Rate Loan
A $14.3-million Freddie Mac variable-rate loan was recently obtained for the acquisition of Bella Pointe Apartments, a 136-unit multifamily community in Rancho Cordova near downtown Sacramento. Built in 1978, Bella Pointe Apartments consists of one-, two-, and three-bedroom units with walk-in closets.
The sponsor, Trion Properties, is a repeat Capital One and Freddie Mac customer. The 10-year loan has five years of interest-only payments followed by amortization on a 30-year schedule.
Andrew Kwok, VP in Capital One’s Newport Beach office, originated the transaction. Tony DeLoney, SVP in Marcus & Millichap’s national multi-housing group in Sacramento, brokered the transaction.
Los Angeles–based Trion Properties is a private equity investment company that acquires opportunistic real estate investments in need of moderate to heavy rehab on a mid- to long-term investment horizon. It focuses on maximizing investor returns by increasing net operating income throughout the holding period through a hands-on management style, intensive renovation and aggressive lease-up.
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- ◦Financing
