Fremont, Calif. –Walker & Dunlop provided a $45,600,000 loan for The Presidio complex located in Fremont, Calif. The loan proceeds were used to retire an existing securitized loan that was originated in 2000.
The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 65 percent Loan-to-Value and a 1.4 Debt-Service-Coverage ratio.
The Presidio is a 432-unit, 22 building garden-style apartment community built in 1999. Common amenities include a clubhouse, fitness center, steam room, sauna, spa and two swimming pools. Monthly rents range from $1,225 for one-bedroom units to $1,900 for two-bedroom apartments. The community was 95 percent leased at closing.
Verne L. Murray, III, senior vice president, Multifamily Finance and Jeff Burns, senior vice president, Multifamily Finance led the Walker & Dunlop team.