In the first deal, Freddie Mac lender Capri Capital provided $19.5 million in financing for a trio of multifamily properties totaling 490 units in the Northern California cities of Modesto, Turlock and Vacaville. The owner is a private pass-through entity that emerged from a re-organization of 113 limited partnerships and over a thousand investors in 2001. Each of the three loans has an interest rate of 5.21% and 30-year amortization schedule. Funds were used to refinance existing property mortgages, retire other debt and fund closing costs.

The two other loans were made by Fannie Mae lender Berkshire Mortgage. The first loan, $13 million, was provided to the owners of The Arches, a 410-unit garden style apartment complex built in 1972 and located on 17 acres in Sunnyvale. Berkshire subordinated the existing second and third trust deed DUS loans to this new 10-year loan for the borrower.

The second loan, $8.9 million, was provided for the 171-unit Copeland Creek, one of two housing developments to provide affordable housing to low-income seniors in the city of Rohnert Park. The property was built in 1977. Berkshire subordinated an existing DUS second trust deed loan to the new 10-year loan.