In Simi Valley, the 398-unit River Ranch Apartments – a garden-style apartment community – recently received a nearly $83 million loan.
BWE’s Jake Roberts and Mike Guterman originated the financing from Fannie Mae on behalf of Mid-City-based Decron Properties.
“This is the lowest fixed-rate financing we’ve achieved in our portfolio in the last four years,” Daniel and David Nagel, leaders of Decron Properties, said in a statement. “It’s a testament to our conservative approach to capital structuring in an environment where rates remain significantly elevated.”
The five-year loan will be used by Decron to pay off existing bank debt, as well as “allow the owners to continue to operate River Ranch at a high level,” according to a BWE release.
‘Built on relationships’
The property, which was built in 1985 and renovated in 2016, is a mix of one-, two- and three-bedroom units. It also has a pool, a dog park and other amenities.
“Real estate is an industry built on relationships, and thanks to the strong connections that BWE has forged with both Fannie Mae and the bank holder of Decron’s previous debt, we were able to negotiate a waiving of the exit fees while obtaining very low-interest financing that will help Decron execute on their long-term plan for River Ranch Apartments,” Roberts said in a statement.
Nearby, two buildings in the Valley were recently refinanced for $44 million. The Moderno Axis, a 126-unit apartment at 7650 Van Nuys Blvd. in Van Nuys received $28.3 million in refinancing. It is close to the Van Nuys MetroLink and Amtrak Station and has studio, one- and two-bedroom units. Its amenities include a pool, fire pits and a dog park.
