SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 million loan for the 565-unit Eleven Hundred Apartments in Sacramento. The financing is part of Freddie Mac’s Green Up program, which supports environmental improvements to properties.
The Class B community is located at 1100 Howe Ave. and was first constructed in 1961. Since 2015, the property has undergone renovations including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units.
The borrower plans to invest an additional $400,000 into the property, half of which will be allocated to green upgrades. The 10-year Freddie Mac loan was structured with five years of interest-only payments and a 75 percent loan to value. Walker & Dunlop structured the financing.