AvalonBay Obtains $185M Refi for 3 Properties
The portfolio features 1,384 units located in Los Angeles, Calif., and in Laurel, Md. Bellwether Enterprise facilitated the loans.
By D.C. Stribling, Contributing Editor
AvalonBay Communities has obtained $185.1 million for the refinancing of three multifamily properties in California and Maryland. Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., facilitated the loans.
The three properties feature 1,384 units altogether. They include Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles.
The loan’s originator, Kip Kimble, senior vice president of Bellwether Enterprise in the Boston office, arranged the financing for the three properties using New York Life Insurance Co. as the lender. The three separate loans, which were all used to refinance existing loans, included a 10-year fixed rate with full-term interest only.
“Many lenders were interested in providing this financing due to the quality of the three properties,” said Kimble. “After a competitive bidding process, New York Life Insurance Co. stepped up with the most favorable loan terms.”
Lending for multifamily property deals is still brisk. According to the Mortgage Bankers Association, during the second quarter of 2017, loan originations for multifamily properties were up 21 percent compared with the same quarter in 2016.