Tacoma, Wash.—Walker & Dunlop has provided $27.4 million in financing for three multifamily properties near Joint Base Lewis McChord in Washington. The assets are comprised of 384 units with military concentrations ranging from approximately 20 to more than 60 percent. Walker & Dunlop Senior Vice President Allan Edelson led the Walker & Dunlop team on the transactions.
Financing for Miramonte Apartments, located in Tacoma, Wash., was structured with a 10-year term with three-years interest only followed by a 30-year amortization period under Freddie Mac’s Capital Markets Execution (CME) program. The refinance was underwritten to a 74.67 percent loan-to-value with a 1.37x debt-service coverage ratio. Miramonte is located approximately three miles from the base and offers 120 units, approximately 20 percent of which are military-related and 8 percent of the units receive a form of government assistance.
The Fannie Mae refinance for Arbor Pointe Apartments, located in Lakewood, Wash., was structured with a 10-year term with two-years interest only followed by a 30-year amortization period. The loan was underwritten to a 72.04 percent loan-to-value with a 1.36x debt-service coverage ratio. Arbor Pointe is a 188-unit apartment complex located approximately five miles from the base and has a military concentration of approximately 61 percent.
Walker & Dunlop structured the refinance for Crown Pointe Apartments with a 10-year term with three-years interest only followed by a 30-year amortization period under Freddie Mac’s CME program. The loan was underwritten to a 74.52 percent loan-to-value with a 1.41x debt-service coverage ratio. Crown Pointe Apartments is a 76-unit complex located in Lakewood, WA. Approximately 22 percent of the tenancy is military-related and 25 percent of units receive a form of government assistance.
HFF closes $19M N.J. sale
Summit, N.J.—Holliday Fenoglio Fowler has closed a $19 million apartment sale on behalf of AIG Global Investment. The 100-unit property, known as Constantine Village, was acquired with its in-place debt by Constantine CXII. It is located 22 miles west of Manhattan and is within walking distance of the New Providence train station and a supermarket.
“This was a unique opportunity to purchase a high-quality garden apartment complex in one of the most desirable towns in the entire suburban New York region,” says Jose Cruz, senior managing director at HFF. “Furthermore, the property offers the ability to increase yields through unit renovations.”
Constantine Village was built in two phases in the early 1950s and 1970s and is currently 96 percent leased.
Marcus & Millichap arranges $5.5M for Class C property at 75 percent LTV
Los Angeles—Marcus & Millichap Capital Corp. has arranged a $5.5 million refinance for a 68-unit multifamily mid-rise property in Los Angeles.
Richard Judge, a vice president of capital markets in MMCC’s Newport Beach office, arranged the loan.
“This transaction was a refinance of a private note held by the previous owner of the property,” says Judge. “The borrowers are long-term clients of the firm, and they were focused on specific terms that met the needs of their syndication structure. The terms we were able to secure significantly improved the client’s leverage position and property cash flow on this ‘C’ quality asset,” adds Judge.
The 15-year loan offers interest-only payments for five years at 3.73 percent and was financed up to a 75 percent LTV.