Saddleback Ranch Apartments Capitalizes on HUD Loan of $75M
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.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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