Santa Rosa, CA (November 11, 2022) – Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., provided a $35.5 million non-recourse senior construction loan for the development of a class A, 108-unit multifamily community located in downtown Santa Rosa, the county seat of Sonoma County, California.
Construction was approximately 50% completed at the time of the loan closing. The new multifamily community will provide premium unit finishes and amenities including unobstructed views from all units, rooftop jacuzzi, third-level recreation terrace, ground level-picnic area and fitness center.
“This transaction represents BMH’s continued involvement and expertise in financing multifamily assets in undersupplied California markets. To that point, the broader Sonoma County housing stock was significantly diminished during the 2017 wildfires, displacing many residents from their homes for a prolonged period,” said Scott Magoffin, Buchanan’s SVP – Head of Debt Originations. “Existing multifamily properties in the market have benefited greatly from this increased demand, achieving consistently high occupancy rates and rent growth for several years in a row. However, despite the obvious need for new housing, no new multifamily units were delivered in Santa Rosa over the same period. While the subject property alone will not alleviate the overall supply-demand imbalance, it will represent an important milestone for the local community when it opens in mid-2023, becoming the first new market-rate multifamily project built in downtown Santa Rosa for over a decade.”
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial, multifamily, and self-storage properties as well as providing loans as a direct lender. Having invested in over $7 billion of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com