BMH Closes $35.5M Construction Loan for Santa Rosa Apartments

Buchanan Mortgage Holdings (BMH), an affiliate of Buchanan Street Partners, has provided a $35.5 million, non-recourse senior construction loan for the development of a Class A, 108-unit multifamily community in downtown Santa Rosa, CA. The news is significant for that area of Sonoma County, which has seen its housing stock devastated by recent wildfires.

“This transaction represents BMH’s continued involvement and expertise in financing multifamily assets in undersupplied California markets. To that point, the broader Sonoma County housing stock was significantly diminished during the 2017 wildfires, displacing many residents for a prolonged period,” said Buchanan SVP Scott Magoffin. “The property is an important milestone for the local community, becoming the first new market-rate multifamily project in downtown Santa Rosa for over a decade.”

Construction was approximately 50% completed at the time of loan closing. The complex will provide premium unit finishes and amenities including a rooftop jacuzzi, recreation terrace and fitness center.