Walker & Dunlop Provides $31.8M Refi for San Diego Portfolio
- Feb 22, 2013
San Diego—Walker & Dunlop Inc. has provided $32.8 million in HUD Section 223(f) financing for a portfolio of four communities located in San Diego. The assets—Bridgeport City Heights, Bridgeport Lina Vista, Bridgeport Normal Heights and Bridgeport North Park—total 52 buildings in Northern San Diego.
The properties were originally financed by 13 HUD-insured loans in 1998 and were subject to rent-restrictions associated with tax-exempt bond financing. Walker & Dunlop’s refinance ensured that the tax-exempt bonds were paid off and saved the borrower thousands of dollars in fees and provided substantial interest rate savings.
All four loans were structured with 35-year terms and underwritten to between 66.7 and 80 percent loan-to-values with 1.18x to 1.44x debt-service coverage rations.
NorthMarq arranges $20M bank loan for student housing portfolio
Lawrence, Kan.—Dennis Williams, SVP/Managing Director of NorthMarq’s San Francisco Regional office, arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio.
The portfolio consists of four off-campus student housing properties located in Lawrence, Kan., near the University of Kansas. They are the Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. The properties contain a combined total of 445 units.
Financing was based on a seven-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
“The lender was able to accommodate an extremely quick close, which was essential to the deal,” Williams says.