TODAY’S DEALS: AIG Lands $37.2M for 379-Unit Tampa Asset
AIG Global Real Estate finances a Class A property; Walker & Dunlop provides $74.4 million to a 634-unit asset; and KeyBank Real Estate Capital closes a $15.8 million loan through Freddie Mac’s Capital Markets Execution program for a Class A property.
Tampa, Fla.—AIG Global Real Estate has refinanced its Millennium Westshore Apartments, a 379-unit Class A property in Tampa, Fla. Holliday Fenoglio Fowler secured the $37.2 million in financing which was sourced through Freddie Mac’s CME Program.
“This property attracted significant lender interest due to the sponsorship and its prime location in one of the strongest submarkets in the Tampa metropolitan area,” says HFF director Elliott Throne. “Ultimately, Freddie Mac was able to offer the highest proceeds at the lowest rate on a five-year term as the debt yield was very aggressive.”
Millennium Westshore Apartments was 94 percent occupied at closing. The property has five four-story residential buildings with one-, two- and three-bedroom units. The 2010-built property has a community amenity package featuring a five-story parking garage, media room, resident lounge, demonstration kitchen, fitness center, tanning beds, outdoor kitchen and a swimming pool.
Walker & Dunlop closes $74.4M loan for a Santa Clara asset
Santa Clara, Calif.—Walker & Dunlop LLC, a subsidiary of Walker & Dunlop Inc., has provided $74.4 million in supplemental financing for Bella Vista Apartments, a 634-unit community located in Santa Clara, Calif. The loan was structured with a 8.13-year term and a 30-year amortization underwritten to a 54.1 percent loan-to-value.
Bella Vista Apartments was built in two phases between 1991 and 1993 by the borrower, Interland Corporation. Community amenities at the property include two clubhouses, three outdoor pools, spas and saunas, a car care area and gated entry. The asset was over 96 percent occupied as of closing.
KeyBank provides $15.8M Freddie Mac loan for acquisition
Phoenix, Ariz.‑KeyBank Real Estate Capital closed a $15.8 million loan through Freddie Mac’s Capital Markets Execution program for the acquisition of West Town Court Apartment Homes, a 274-unit Class A garden-style apartment community in Phoenix, Ariz.
Vice President Charles Williams and Western Regional Manager Jon Reible worked with borrower Bridge Investment Group LLC to originate the seven-year, fixed-rate loan, which will amortize on a 30-year schedule.
