Bank of America Provides $25M for Bay Area Refi
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The loan retires a prior, $30 million CMBS mortgage from late 2008, which had been set to mature in January.
Bank of America has provided a $25 million refinancing package for Willowbend Apartments, a 330-unit community in Sunnyvale, Calif. The owner of the asset, a private investor, used the new loan to pay down a prior, $30 million CMBS mortgage issued in December 2008, which was scheduled to mature at the start of 2019.
Located at 1035 Aster Ave., the community’s 16 three-story buildings are positioned near Lawrence Expressway, 10 miles from downtown San Jose. A number of shopping and dining options are situated within 1 mile of the asset, and a Caltrain station is within a short walk, linking the area to San Francisco and the rest of the Bay Area.
Constructed in 1985, the community contains one-, two- and three-bedroom units with floorplans between 547 and 1,228 square feet. Willowbend’s amenity mix includes a fitness center, laundry facilities, a lounge, two playgrounds and a recycling program. Approximately 700 on-site parking spaces are available for a monthly fee. As of November, the property was 87.6 percent occupied, per Yardi Matrix data.
In March, a Bank of America-funded affordable housing development broke ground in San Jose. Upon completion, the property is set to contain 83 low-income units and housing for 20 homeless people.
Image courtesy of Yardi Matrix