LOS ANGELES – September 15, 2021 – Berkadia today announced the financing secured for Mayfair at Wagon Wheel, a midrise multifamily property located in Oxnard, California. Managing Director Allan Freedman of Berkadia Los Angeles secured the $20.6 million in permanent refinancing on behalf of California-based Mayfair LLC. The deal closed on August 9.
The 10-year loan features five years of interest only and a 70 percent loan-to-value ratio.
“The construction takeout financing allowed for equity to be returned to the partnership, as well as provide cash flow while the asset is further stabilized,” said Freedman.
Located at 560 Winchester Drive, Mayfair at Wagon Wheel features two-, three- and four-bedroom floor plans. Community amenities include basketball, volleyball and pickleball courts and an outdoor picnic area with grilling stations. Residents are afforded convenient access to Highway 101 and the shops and restaurants along Ventura Boulevard.