Cushman & Wakefield exclusively advised Avenida Partners in the procurement of $70 million in joint venture equity and construction financing for its to-be-built active adult community in Folsom, California (Sacramento MSA). The general partner equity was provided by Blue Mountain Enterprises, and the limited partner equity was provided by Argosy Real Estate Partners. Comerica Bank provided the construction financing. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer worked on the transaction.
Avenida Folsom will be a trophy 154-unit active adult community featuring abundant amenity spaces and valley views from a fourth-floor sky terrace. The community will have over 10,000 square feet of interior amenities, including a lodge-like great room, fitness studio, bistro and sports bar, creative arts studio, movie theater, pool, dog park, pickleball court and more. The units will also feature high ceilings, large windows, granite countertops, in-unit washer/dryers, walk-in closets and private balconies.
