Johnson Capital Arranges a $53.9M Takeout Loan
- Sep 17, 2012
Mercer Island, Wash.–Johnson Capital announced that Amos Smith and Ryan Chapman of the firm’s Irvine, Calif. office, have arranged a $53,900,000 permanent loan for a recently built Class A 171-unit multifamily property with 17,000 square feet of retail space located on Mercer Island, Wash.
The owner of the property is a well-known Seattle-based developer who built the complex in 2009. He is a long-term client of Smith and Chapman for whom they have arranged several debt placements. The asset consists of two, five-story buildings located at a central site along a main thoroughfare of the island.
The debt was provided by Fannie Mae and will be used to take out the construction loan. The new non-recourse loan has a fixed interest rate during the 10-year term.
Mercer Island, in King County, has a population of approximately 23,000 and is located on Lake Washington between Seattle and Bellevue.
Commenting on the transaction, Smith said, “The fantastic property and experienced sponsor attracted significant interest from agency lenders and life insurance companies. In the end, FNMA provided the most attractive financing option for the borrower.”
Walker & Dunlop supplies $4.75M loan
Grapevine, Texas –Walker & Dunlop, LLC announced that it provided $4,750,000 in financing for Marina Del Ray Apartment Homes, a garden style residential apartment community located in Grapevine, Texas.
The permanent loan was structured with a 10-year fixed-rate term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program and underwritten with a 1.35 Debt Service Coverage ratio. Walker & Dunlop was able to provide the loan commitment to the borrower within 30 days of receiving the signed application.
The borrower commented, “Alex Inman and his team at Walker & Dunlop executed the refinance for Marina Del Rey flawlessly, especially given the timeline we were on. From day one, everything that was communicated to us became a reality. We can’t thank the W&D team enough, and after the experience we just had, we look forward to working with them again.”
Marina Del Ray is a 223-unit apartment development situated on over nine acres that offers 13 unique floor plans. Community amenities include a clubhouse, swimming pool, laundry facilities, covered parking and utilities included. Marina Del Ray was 95 percent leased at closing.