Walker & Dunlop Closes $26M Refinance for Nevada Community
- Aug 22, 2011
Las Vegas—Walker & Dunlop LLC has provided a $26 million refinance loan secured by Positano, a 306-unit garden-style apartment community located in Las Vegas. The Freddie Mac loan was structured with a 10-year term, 9.5-year maintenance and 2-years of interest only. It was underwritten to a 71 percent loan to value with a 1.25x debt service coverage ratio.
“We were impressed by Walker & Dunlop’s professionalism, customer service, and mostly, the speed and efficiency at which they were able to process the deal,” says borrower Reinier Santana of Ovation Development.
Amenities at the 92 percent leased Positano include an outdoor pool, heated spa, barbeque area, and a clubhouse with a full kitchen, dining room, fitness center and snack bar. The loan was originated by George Mitsanas of Newmark Realty Capital. Jay Thomas, vice president, multifamily finance at Walker & Dunlop, led the firm’s team in the transaction.
Marcus & Millichap closes $14.1M Sale in Florida
Lauderdale Lakes, Fla.—Marcus & Millichap Real Estate Investment Services has closed on the sale of Hawaiian Palms, a 245-unit community located in Lauderdale Lakes, Fla. Craig Porter, senior associate, and Darryl Matus, a multifamily property specialist, represented the seller, a Plantation, Fla.-based LLC. Porter also represented the buyer, a South American private investor. $14.1 million sales price represents $57,551 per unit.
“Hawaiian Palms represents one of the very highest price-per-doors, price-per square foot, and overall sales price amounts in the history of Lauderdale Lakes,” says Porter. “This was a great opportunity for an investor to acquire a turn-key apartment community in a historically high-occupancy location. The sale suggests a clear recognition that the marketplace sees value and upside in the South Florida commercial multifamily market.”
Hawaiian Palms is situated on 12 acres at 3540 NW 50th Ave., one block north of Oakland Park Boulevard, in Lauderdale Lakes, Fla. The property was constructed between 1986 and 1987. All units are two-bedroom, two-bath apartments 1000 square feet in size. Community amenities include five elevators, a clubhouse, fitness center, pool and spa, playground, picnic areas, and a parking area with space spaces for each unit.
BMC Capital arranges $2.6M interest-only acquisition loan from bank
Angleton, Texas–Michael Thompson of BMC Capital’s Houston office financed the acquisition of the Oaks of Angleton, a 204 unit apartment property.
The $2.6M loan featured acquisition and renovation proceeds, a five-year term, 18 months interest-only and a 6.25 percent floor rate. The loan was funded through one of BMC Capital’s banking relationships.
In another transaction, Thompson closed on a $2,648,000 cash-out refinance of the Santa Fe Apartment homes in San Antonio. The loan featured a seven-year fixed rate at 5.07 percent with a 30 year amortization. The loan was funded through one of BMC Capital’s Fannie Mae relationships.