E&S Ring Management has received a $35 million Fannie Mae loan for the 144-unit Valley Plaza Village Apartments in Pleasanton, Calif.
The financing includes a 10-year term of interest-only payments and a fixed-rate of 2.89 percent. According to Yardi Matrix information, the loan will retire existing $19.4 million debt from Allstate Life Insurance Co. the owner took out in 2004.
Located at 4411 Valley Ave., the garden-style community is adjacent to a variety of retail and dining options, 6 miles from the city’s BART station and 9 miles from the intersection of interstates 680 and 580. Completed in 1985, the asset comprises one- and two-bedroom apartments in 13 two-story buildings spread across a 7.6-acre site. Community amenities include a car wash station, pool, clubhouse and tennis court.
Managing Director Nathan Prouty and Senior Vice President Andy Slaton from NorthMarq’s San Francisco office arranged the deal. Recently, another team from the brokerage company closed a $22.5 million Fannie Mae loan for a 62-building multifamily property in Frederickson, Wash.