Buchanan Mortgage Provides $35.5M Construction Loan for Multifamily Project in Downtown Santa Rosa, California
SANTA ROSA, CALIF. — Buchanan Mortgage Holdings, an affiliate of Newport Beach, Calif.-based Buchanan Street Partners, has provided a $35.5 million non-recourse senior construction loan for the development of an apartment community located at 888 Fourth in downtown Santa Rosa. Construction was approximately 50 percent completed at the time of loan closing.
Totaling 108 apartments, the multifamily property will offer unobstructed views from all units, a rooftop hot tub, third-level recreation terrace, ground-level picnic area and a fitness center.
The market-rate multifamily property is slated to open in mid-2023. The name of the borrower was not released.