East Bay Community Secures $13M Refi
Walker & Dunlop arranged the loan to retire the previous 10-year, $8.7 million Fannie Mae mortgage for Regency Plaza in Martinez.
Rutherford Investments has taken a $12.5 million Fannie Mae refinancing package for Regency Plaza, a 95-unit Class C community in Martinez, Calif. The new loan, originated by Walker & Dunlop, retires a 10-year, $8.7 million mortgage secured in 2012, according to Yardi Matrix.
Regency Plaza’s eight, two- and three-story buildings, located at 600 J St., are situated within half a mile of John Muir Parkway, which connects the area to interstates 80 and 680. The community is positioned alongside the Alhambra Avenue retail corridor, home to a number of retailers and restaurants.
Opened in 1976, the community contains 50 one-bedroom and 45 two-bedroom units, with floorplans ranging from 600 to 803 square feet. Amenities include a swimming pool, a fitness center, six laundry facilities and outside storage. A total of 220 parking spaces are located on-site, with covered parking options available. The property was 96.8 percent occupied, according to Yardi Matrix data from June.
Last month, Walker & Dunlop originated $56.5 million in acquisition financing for a Nevada community.
Image courtesy of Yardi Matrix