Five Northern California Multifamily Properties Refinanced

SAN FRANCISCO-Two lenders have closed more than $40 million in loans for five multifamily properties located in five different Northern California cities.

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.