TODAY’S DEALS: Freddie Mac Funding Helps Bring Added Value to 68-Building Rental Property, and Other Transactions
- Nov 14, 2008
By Anuradha Kher, Online News EditorSan Diego–Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units’ interiors.”The deal was rate-locked and funded in 45 days in an extremely volatile rate environment,” says Tom Szydlowski, Wells Fargo Multifamily Capital head of production.The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option. Alliant Capital Provides over $5M for 141-Unit Rental CommunityOlympia, Wash.–Alliant Capital LLC recently provided $5,440,000 in financing for the Eagle Pointe Apartments (pictured), a 141-unit garden-style apartment community built in 1997, located in Spokane Valley, Wash. The property is comprised of eight three-story residential buildings. Eagle Pointe is financed under Alliant’s Fixed + One loan and it has an 11-year term with 30-year amortization. 34-Unit Rental Property Sells for $3.6MVista,Califf.–The Coldwell Banker Commercial Almar Group (CBC) has recently negotiated the $3.6 million sale of Townsite Apartments, a fully occupied, 34-unit, 28,176-sq.-ft. apartment building located at 131 Townsite Dr. in Vista, Calif., seven miles from the Pacific Ocean in north San Diego County. Built in 1987, the property features eight one-bedroom/one-bathroom units, 24 two-bedroom/two-bathroom units and two three-bedroom/two-bathroom units, all with spacious floor plans and private patios or balconies. Amenities include a swimming pool, garages, carports and an on-site laundry facility. Townsite Apartments is located within walking distance of Vista Village, a center for shopping and entertainment, and within a half-mile of the new Sprinter rail line.