BWE has arranged a permanent loan totaling $82,885,000 for River Ranch Apartments, a 398-unit garden-style multifamily community in Simi Valley. The financing was originated through BWE’s Los Angeles office by senior vice presidents Jake Roberts and Mike Guterman. The loan was provided by Fannie Mae on behalf of Decron Properties, which will use the proceeds to reposition its existing capital structure on the asset.
The new financing carries a five-year, fixed-rate structure and is described by BWE as the lowest rate the firm has achieved on agency debt in more than three years. According to the parties involved, the execution allows Decron to retire existing bank debt on River Ranch Apartments while also obtaining cash-out proceeds. Those proceeds are expected to support Decron’s ability to continue operating the property at what is characterized as a high level.
Roberts noted that the outcome reflects the importance of longstanding relationships in commercial real estate finance. He cited BWE’s ties with both Fannie Mae and the bank that previously held Decron’s loan as key factors in securing favorable terms. As part of the transaction, BWE reports that it was able to negotiate a waiver of the exit fees tied to Decron’s prior bank financing, reducing the sponsor’s cost of refinancing.
By combining a low fixed interest rate with waived exit costs on the outgoing loan, the capital stack on River Ranch Apartments has been reset around long-term, agency-backed debt. The ability to refinance into a five-year structure at what BWE describes as a multi-year low rate is positioned as supportive of Decron’s long-term plan for the property. The transaction underscores the ongoing role of Fannie Mae in providing permanent financing solutions for stabilized, garden-style apartment assets, while also highlighting how advisory relationships can influence both pricing and prepayment economics.
River Ranch Apartments remains under Decron’s control, with the new loan intended to support continued operations at the community. While specific loan metrics such as interest rate, amortization schedule, and loan-to-value ratio were not disclosed, the arranged structure reflects current agency appetite for stabilized multifamily product and illustrates how borrowers are using permanent financing to replace shorter-term bank debt while capturing cash-out proceeds.
