TODAY’S DEAL: Oak Grove Capital Arranges $82M Financing in Manhattan
Oak Grove Capital completes refinancing for a mixed-income high-rise on the Upper West Side; and Walker & Dunlop provides a $42 million Freddie Mac loan.
New York—Oak Grove Capital has completed refinancing for 33 West End Avenue Apartments, a 211-unit, mixed income high-rise on the Upper West Side of Manhattan.
C. W. Early, vice president of Oak Grove Capital’s affordable housing group, worked with borrower Atlantic Development to originate the $82 million Fannie Mae loan. The floating-rate loan has a unique 20-year term with a 35-year amortization and a one-year lockout, giving the borrower attractive prepayment flexibility throughout the life of the loan.
33 West End Avenue Apartments is a 25-story property that offers residents amenities such as 24-hour concierge services, a fitness center, a resident lounge, shuttle service to the train station, in-unit and ground-floor laundry rooms, and an outdoor terrace.
Walker & Dunlop provides $42M Freddie Mac Loan
Bethesda, Md.—Walker & Dunlop Inc. announced that it structured a $42.1 million loan for Lafayette Parc, a 259-unit multifamily community located in West Covina, Calif.
The loan was structured using Freddie Mac’s CME program, featuring a 10-year fixed rate loan with five-years interest only. Additionally, the loan was underwritten to a maximum 80-percent loan to value and a minimum 1.25 debt-service coverage ratio.
Walker & Dunlop was able to eliminate the risk of treasury movement by utilizing Freddie Mac’s Index Lock Program and locking the treasury portion of the rate in June while the borrower and Walker & Dunlop were still performing their due diligence at the time. Ultimately the loan was spread locked in July with a delayed closing that allowed the borrower to close the transaction at the end of October in accordance with the Purchase and Sale Agreement. Trevor Fase, senior vice president, led the Walker & Dunlop team that originated the loan.
Located 18 miles East of Los Angeles, California, and built in 1964, Lafayette Parc offers one-, two-, and three-bedroom single-level apartments with seven unique floor plans. Amenities included with this property are gas stoves, on-site patrol, tennis courts, fitness center and a pool. Within a short walking distance, residents have access to local banks, markets, coffee shops and the Plaza West Covina Mall.
