A $74.99 million HUD 223(f) loan was recently obtained for Saddleback Ranch Apartments, a 305-unit garden-style apartment complex on 38 acres in Mission Viejo. The loan benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because Saddleback Ranch Apartments qualifies as green/energy-efficient housing. Josh Sasouness, Dwight Capital managing principal, originated this transaction for a repeat Dwight client.

The property consists of 38 two-story walk-up buildings.

The area surrounding Saddleback Ranch has an overall low vacancy of 2.7 percent year-to-date (according to CoStar), which is projected to remain consistent in the coming years. This vacancy reflects the area’s strong demand, which is helping to drive up rental rates.