Berkadia Completes Sale, Financing, and LIHTC Equity Placement for Affordable Housing Property in California
Dallas, Texas – December 16, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and bridge acquisition financing of Dorado Senior Apartments, a 150-unit, midrise affordable housing community in Buena Park, California. Senior Managing Director Brandon Grisham of Berkadia Affordable Housing led the $34 million sale on behalf of the seller.
Senior Managing Director Tim Leonhard, also of Berkadia Affordable Housing, provided a $20 million bridge acquisition on behalf of the buyer, Vancouver-based Spira Equity Partners.
Less than six months from initial acquisition, Berkadia provided $28.5 million permanent tax-exempt acquisition and rehabilitation financing along with a low-income tax credit investment in the amount of $15.25 million.
Director of Acquisitions Justin Sigmon of Berkadia Tax Credit Solutions secured $15.25 million in Low-Income Housing Tax Credit (LIHTC) equity investment.
“This transaction represents the power of Berkadia’s fully integrated affordable housing platform,” said Leonhard. “Our unique business model allows us to seamlessly deliver comprehensive investment sales along with short-term and long-term capital solutions to our clients for the entire life cycle of their assets.”
On this particular transaction, Berkadia sourced the property sale for the buyer, a short-term acquisition bridge loan, a long-term tax-exempt acquisition and rehabilitation loan, and LIHTC equity to facilitate the long-term preservation of this asset.
Located at 8622 Stanton Ave, Dorado Senior Apartments is conveniently situated minutes from major retailers, including ALDI and Walmart. Numerous restaurants, healthcare facilities, and major transportation routes are also nearby.
This senior LIHTC property offers one- and two-bedroom apartments with a variety of amenities, including a clubhouse with a kitchen, arts and crafts room, fitness center, computer center, courtyard pool, and more. Dorado Senior Apartments was initially built and placed in service in 2006 under the Section 42 LIHTC program. All units must be rented to income-qualifying residents earning no more than 30%, 45%, 50%, and 60% of the Area Median Income (AMI) limits, as provided by the California Tax Credit Allocation Committee.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.