Senior Apartment Developer Secures Long-Term Financing

VACAVILLE, CA-A Sacramento-based investor has found long-term financing for its freshly completed senior housing complex in Vacaville. Chicago-based Capri Capital arranged $4.92 million in permanent financing that will allow developer Saint Anton Partners LLC to pay off its short-term construction loan.

The property, located at 1101 Burton Dr., is a 108-unit affordable senior housing complex containing one and two-story garden-style buildings. David Lacki of Capri’s Walnut Creek office originated the loan, originally funded through Fannie Mae’s MBS/DUS Forward Conversion program in 1998.

“Now that the property has stabilized in terms of being completed and occupied, we are converting the loan to a straight 30-year fixed with an interest rate reset at year 18,” Lacki tells GlobeSt.com “This deal was actually financed with tax-exempt bonds. The triple A credit rating on the bonds provided by Fannie Mae gives the borrower the lowest possible competitive interest rate available on the market.”