San Jose, Calif. –Walker & Dunlop originated a $138,935,000 loan for Elan at River Oaks located in San Jose, Calif. The loan was closed less than two weeks after rate lock and was used to retire $120,000,000 of existing debt.
Robert O’Dell, vice president, treasurer of Shea Properties states, “Once again, the Walker & Dunlop team delivered a fantastic Freddie Mac loan and the process and the results were excellent.”
Elan at River Oaks is a 941 unit residential building with 23,000 square feet of commercial space. The borrower recently completed a $15 million renovation of the property, which included apartment unit upgrades, complete clubhouse renovation, elevator interior upgrades, fountain upgrades and exterior painting.
Steve Griffin, multifamily managing director of Freddie Mac’s Western Regional office states, “We are very pleased we were able to refinance Elan at River Oaks and value our long-standing relationships with Walker & Dunlop and Shea Properties.”
Walker & Dunlop Chief Operating Officer Howard W. Smith states, “A deal of this proportion that was locked and closed in record time solidifies Walker & Dunlop’s reputation as a leader in the large loan financing space. We couldn’t ask for better partners in this deal than Shea Properties and Freddie Mac.”
In 2009, Walker & Dunlop originated one of the largest Freddie Mac single asset financing in the country with the Ritz Plaza deal in Manhattan. “I believe Elan at River Oaks is the largest Freddie Mac financing so far in 2010, highlighting Walker & Dunlop’s position as the go-to large asset Freddie Mac Seller/Servicer in the country,” says Shea.
Verne L. Murray, III, senior vice president, Multifamily Finance and Jeff Burns, senior vice president, Multifamily Finance led the Walker & Dunlop team in the transaction.