Buchanan Mortgage Holdings, LLC (“BMH”) provided a $28.3 million bridge loan to finance the acquisition and value-add conversion of the DoubleTree Suites by Hilton into a 158-unit multifamily community located in the City of Rancho Cordova, a mature suburb of Sacramento, CA with consistently low vacancy rates and strong demand for workforce housing. The property is well suited for a multifamily conversion given its immediate proximity to light rail public transit, quality of existing improvements, desirable common area amenities including a pool, spa, fitness center, recently renovated lobby with restaurant/bar area, and a co-working lounge. The sponsor is a joint venture between a fund investor and developer that formed a programmatic partnership focused exclusively on hotel-to-apartment conversions. The subject property represents their 20th transaction together and second loan with BMH.
