CWCapital Provides $90M in Construction Financing
- Jan 26, 2011
Gaithersburg, Md.–CWC Capital, a subsidiary of CW Financial Services, has provided $90 million in construction financing for Westchester at Olde Towne Gaithersburg in Montgomery County, Md.
The Westchester at Olde Towne Gaithersburg is a 389-unit, Class-A, multifamily property. Ground was broken on Jan. 25th and construction will take approximately two years, concluding in January 2013. The property will include an above ground parking garage, health club, lagoon-style pool with landscaped gardens, and an epicurean clubhouse. The complex is comprised of two four-story buildings located in downtown Gaithersburg, just north of Washington D.C.
The property is being developed by Colorado-based Archstone. The project represents the second time Archstone has executed financing with CW through the FHA lending platform.
“CW and Archstone have once again been successful in structuring a transaction that matched the scope and attributes of the project with the often complicated FHA criteria,” says Andrea McClure, senior vice president for CW. “We are pleased to be able to complete this transaction and look forward to Archstone introducing the property into the market upon completion in 2013.”
Venture West Funding arranges $7.8M package of apartment loans
Manhattan Beach, Calif.–Venture West Funding Inc. has arranged loans totaling $7.8 million for the refinance of four apartment buildings located in Glendale and Pasadena, Calif. The four properties contain 76 units, built between 1962 and 1987 and are currently 98 percent occupied. Jean-Marc Herrouin, senior loan consultant, and Matt Douglas, principal, of Venture West Funding arranged the financing through Greystone Servicing Corporation Inc.
The borrower is a local investor who owns and manages several buildings in the Pasadena/Glendale market. Timing was critical with expiring pre-payment penalties on existing loans and the volatility of rates in the last 60 days.
“We were able to fully satisfy the borrower’s objectives by securing 7-year and 10-year fixed rate, non-recourse loans with competitive rates and cash-out,” says Herrouin.
Walker & Dunlop closes acquisition loan with 5 percent early rate lock
|Idaho Falls, Idaho — Walker & Dunlop LLC provided a $6,500,000 acquisition loan for Teton Apartments located in Idaho Falls, Idaho.The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25 debt-service coverage ratio.
The borrower took advantage of Fannie Mae’s Early Rate Lock product and locked in a 10-year fixed rate of approximately 5.0 percent.Rick Nelson, president of Capstone Commercial Properties Inc., based in Newport Beach, Calif., comments, “We are pleased to expand our investment portfolio in Idaho with this new acquisition. Walker & Dunlop has been a key component of our acquisition success.”
Teton Apartments is a 157-unit garden-style apartment community located in 13 residential buildings. Common amenities include a fitness center, clubhouse with leasing offices, playground, a laundry facility and 157 garages for lease. The surrounding area is home to the National Reactor Testing Station, and continued economic growth is anticipated in the near future with the recent loan approval from the Department of Energy for the construction of a nearby nuclear facility.