Berkadia announced the financing of Sterling Oaks, a 188-unit, garden-style multifamily property in Chico, California.
Managing Director Andy Ahlers of Berkadia San Francisco secured $18.9 million in financing through Fannie Mae on behalf of the Chico-based owner. The deal closed on August 28. The long-term loan included a very competitive interest rate with several years of interest-only payments.
“Sterling Oaks is a fantastic asset as evidenced by its nearly 100 percent occupancy rate,” said Ahlers.
Sterling Oaks offers convenient access to Bidwell Park, one of the largest municipal parks in the nation, along with Downtown Chico. Sterling Oaks was built in 2004, featuring 188 units and a full suite of amenities for residents.
Apartments floorplans include 1 bed/1 bath for 776 square feet, 2 bed/1 bath for 948 square feet, 2 bed/2 bath for 1100 square feet, and 3 bed/2 bath for 1293 square feet.
Sterling Oaks Apartments is a pet friendly community located in a lush area of Chico California. Spacious apartments with 9 ft ceilings, walk in closets, updated flooring, and updated appliances. On-site Management and maintenance. Weekly community events and a full complimentary breakfast every Wednesday.
Other Amenities include parking, pre-wired for satellite or cable, putting green, picnic area with BBQs, ceiling fans, resort-style swimming pool and hot tub, evening patrol service, community clubhouse, 24-hour aerobics and fitness room, secure mailbox area, enclosed garbage areas, ample kitchen cabinet space, spacious balcony/patio, book/DVD library, 24-hour emergency line and air conditioning.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
