Berkadia Secures $23.2M Loan for Acquisition and Preservation of Affordable Housing in San Francisco East Bay
Fannie Mae financing supports JSB Capital Group and Faulkner Capital Partners’ acquisition of 135-unit Bayfair Apartments in San Lorenzo
San Lorenzo, California – November 10, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged $23.2 million in financing on behalf of sponsors JSB Capital Group and Faulkner Capital Partners for their acquisition of Bayfair Apartments, a 135-unit multifamily community in San Lorenzo, California.
Managing Director Matthew Robbins and Vice President Abigail Beauchamp of Berkadia Boca Raton led the transaction alongside Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Brad Williamson. The transaction closed on November 4.
The loan was secured through Fannie Mae’s Multifamily Affordable Housing (MAH) program and features a seven-year term with five years of interest-only payments. Following the acquisition, the borrowers plan to enter into a regulatory agreement restricting a material percentage of the property’s apartments as affordable housing.
“In high-cost markets like the San Francisco Bay Area, preserving affordable housing is increasingly important,” said Robbins. “Fannie Mae’s program allowed us to structure financing that supports our clients’ acquisition strategy while helping maintain a supply of rental housing within reach of the region’s residents.”
“We’re excited to partner with Faulkner Capital Partners on the acquisition of Bayfair Apartments,” added Michael Lobell of JSB Capital Group. “With its irreplaceable location near numerous employment drivers and transportation nodes, the property is well positioned to benefit from the continued growth of the East Bay and the broader Bay Area. We are proud to make another long-term investment geared toward preserving much-needed affordable housing in the region.”
“We are excited to bring the Bayfair investment to fruition,” said Evan Faulkner, founder and CEO of Faulkner Capital Partners. “The opportunity aligns two important objectives: investing in the long-term growth and potential of the Bay Area while helping preserve housing affordability for local residents. Bayfair provided a unique opportunity to deliver meaningful community benefits alongside an attractive investment opportunity. We are proud to partner with JSB Capital Group to execute on this vision.”
Located at 16077 Ashland Avenue in Alameda County, Bayfair Apartments is a three-story, garden-style community built in 1976. The property offers a mix of one- and two-bedroom residences featuring fully equipped kitchens, private patios or balconies, and updated finishes. Community amenities include a swimming pool, landscaped courtyard, covered parking, controlled access and on-site management.
Bayfair Apartments is situated near Bayfair Center and the Bay Fair BART station, providing convenient access to employment centers throughout the East Bay. The property also offers proximity to Interstates 580 and 880, regional shopping, dining and recreational amenities.