Santa Clara, Calif. – Walker & Dunlop provided a $35,700,000 long-term loan for Bella Vista Apartments located in Santa Clara, Calif.
Bella Vista Apartments was built in conjunction with the Redevelopment Agency of the City of Santa Clara and its land is owned by the city of Santa Clara. The property was 94.64 percent leased at closing.
The loan was structured with a 30-year term and a 10-year rate reset. The loan was underwritten to a 40 percent loan-to-value with a 2.80 debt-service coverage ratio.
Bella Vista Apartments is a 634-unit garden-style apartment community, developed by Interland Growth LP in two phases in 1991 and 1993. Common amenities include two clubhouse buildings, three outdoor pools, spas and saunas, a car wash area, gated entry and parking entrances and private garages in some buildings.
The main clubhouse includes the leasing office, a lounge with fireplace, full kitchen, fitness center, a library, a reception and mezzanine area, a conference center with internet access and aerobics studio.
Senior Vice Presidents Verne L. Murray and Jeffrey Burns originated the loan and led the Walker & Dunlop team.