Updated Aug 31, 2026
Geoffrey Brown Of USA Properties Fund Secures $148.2M Loan For The Frances In Rocklin, CA
University Avenue
$148,200,000
Units
324
Asset Type
Development Site
Closing
Aug 25, 2026
About this deal
AI
The Frances is a 324-unit affordable housing development located on University Avenue in Rocklin, CA, encompassing a development site of 13.0 acres. The total loan amount secured for this project is $148,200,000, which is directed towards the ongoing construction with an expected completion date in 2029.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $148,200,000
- Lender: Merchants Capital
- Landlord: Geoffrey Brown - USA Properties Fund
- Loan Components: $72.1 million private placement bond and $76.1 million bridge construction loan
Geoffrey Brown represents USA Properties Fund in this transaction, facilitating the financing necessary for the project's advancement. Merchants Capital plays a significant role in this deal by arranging the financing for The Frances, demonstrating their commitment to affordable housing initiatives in the area.
On the Map
$148,200,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93