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SIMI VALLEY, CALIF. — BWE has secured an $82.9 million loan for River Ranch Apartments, a garden-style multifamily property in Simi Valley. Jake Roberts and Mike Guterman of BWE originated the financing from Fannie Mae on behalf of Decron Properties. The five-year, fixed-rate loan will allow Decron to pay off existing bank debt while getting cash out that will allow the owners to continue to operate River Ranch.
Built in 1985 and renovated in 2016, River Ranch features 398 one-, two- and three-bedroom apartments with stainless steel appliances, energy-efficient kitchens with granite countertops and private patios and balconies. Community amenities include a pool, dog park, fitness center and resident clubhouse.