Afton Properties has acquired an 800-unit mixed-income housing development in Lancaster, Calif., with the help of financing from Berkadia.
Berkadia originated and Freddie Mac purchased a $108.7 million 15-year, fixed-rate loan with eight years interest through its Targeted Affordable Housing program.
“We're excited to have acquired such an incredible asset and are looking forward to providing high-quality affordable housing,” said Reuven Gradon, president of Afton Properties.
Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge feature one-, two-, and three-bedroom units. The apartments include fully equipped kitchens, pantries, dishwashers, and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center, and a swimming pool.
Seventy-five percent of the property’s units, or 600 units, are restricted to residents earning no more than 80% of the area median income, with at least 20% of those units targeted to residents earning no more than 50% of the area’s “median family income,” according to officials. The remaining units are rented at market rents.
Berkadia senior managing director Mitch Sinberg, associate director Matthew Robbins, and senior analyst Abigail Beauchamp of the firm’s Boca Raton, Fla., office secured the financing on behalf of Los Angeles-based Afton.