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WOODLAND, CALIF. – The 48-unit Crosswood Apartments in Woodland has received $3.3 million in refinancing. The community is located at 646 3rd Street.
The non-recourse, fixed-rate loan features a 35-year amortization schedule. The loan will fund the community’s rehabilitation.
Crosswood was originally developed as a HUD affordable apartment complex under the 236 program. It currently receives project-based Section-8 rental assistance. The sponsor, an affiliate of Yolo County Housing, secured the 4 percent Low Income Housing Tax Credit through the California Tax Credit Allocation Committee. The loan was originated by Joe Litten, Vice President and Mary McDonald of CBRE Debt and Structured Finance in CBRE’s San Francisco office.