The asset involved in the transaction is a multifamily project located at 11325 Park Square Drive, Bakersfield, which includes 352 residential units. The development is set to receive funding through a $61 million construction loan for its first phase, which encompasses 17 residential buildings along with resort-style amenities such as two pools, a fitness center, and a clubhouse.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $61,000,000
• Loan Type: Construction
• Loan Terms: four-year, floating-rate, interest-only
• Landlord: John Blair - Presidio Capital Partners
• Brokers: Tom Turnage & Alex Gregoire - Bellwether Enterprise (BWE)
• Market: Bakersfield

The deal was facilitated by Bellwether Enterprise, which secured the construction loan from a super-regional bank on behalf of Presidio Capital Partners. This partnership aims to develop luxury multifamily housing in the growing area of Bakersfield’s Seven Oaks.