Pinnacle Snags Management Gig
- Jul 10, 2015
Las Vegas—Multifamily property management firm Pinnacle has landed a management contract at Broadstone Solis, a 524-unit garden-style asset in central Las Vegas. TruAmerica picked up the property back in June from Alliance Residential for $50.5 million. With the management transition comes a rebranding—the community is now known as Solis at Flamingo. Pinnacle will work to market the property to a wider resident base.
“Our team will begin with a rebranding campaign to highlight the exceptional qualities of the community followed by interior and exterior renovations,” said Debra Kopolow, regional vice president, Pinnacle.
Broadstone Solis was built in two phases in 1988 and 1992. Amenities include a three swimming pools and spas, cabanas, barbecue and picnic areas, basketball courts, a fitness room and a clubhouse.
Walker & Dunlop loans average 90 percent LTV
Managing Directors Keith Melton and David Strange and Senior Vice President Frank Baldasare led the Walker & Dunlop team. The portfolio included three properties with loans structured as 16-year terms, with 35-year amortization schedules, with minimum debt coverage ratio of 1.15, and an average loan to value of 90 percent. Freeman Webb had a strong desire to take advantage of the historically low interest rates as well as utilizing a more streamlined execution.
“Having had the opportunity to close the first Freddie Mac Tax Exempt Loan in the country, Walker & Dunlop was able to provide Freeman Webb clear direction in structuring a new, efficient and cost effective way of utilizing tax-exempt bond credit enhancement with 4 percent Low-Income Housing Tax Credits (LIHTC). This resulted in well-leveraged, long-term, low-cost of debt financing,” commented Keith Melton.
The program requires less documentation (no offering statement, reimbursement agreement or credit enhancement agreement) and fewer participants (no investment banker or rating agency), reducing the cost of issuance by up to 40 percent. The total process for the transaction typically takes 90 days from signed application to closing.
“We are excited that through our partnership with Freddie Mac, Walker & Dunlop is able to provide this tax exempt financing option to affordable housing developers for both existing and new construction through their immediate delivery and unfunded forward executions,” said Frank Baldasare.
Freeman Webb is a private real estate investment firm that specializes in the acquisition, management and renovation of multifamily residential and commercial property. The Freeman Webb investment and management portfolio includes 80 multifamily properties, with 15,000 units across the Southeast, and office and retail properties in the Southeast and Midwest.
Kent Burns, executive vice president at Freeman Webb commented, “Walker & Dunlop’s experience with the new Freddie Mac Tax Exempt Loan Program was evident and the Walker & Dunlop team delivered, once again, a professional, well-organized process and a timely closing. Freeman Webb couldn’t be more pleased!”
Built between 1997 and 1998, the garden-style apartments are located in Columbia and Murfreesboro, Tenn., with common amenities including playgrounds, sand volleyball courts, basketball courts, courtyards and 24-hour laundry access.