Bethesda, Md.—Walker & Dunlop Inc. announced that it originated a $25.4 million loan for the refinance of Silverhawk Apartments & Centre, located in La Quinta, Calif. The borrower originally purchased the property out of foreclosure in 2009 and has successfully improved operations, benefiting from the property’s strong location and the continued market recovery of the Coachella Valley region.
Bill Battaglia and Steve Natale led the team that structured and closed a 10-year fixed rate loan that includes four years of interest-only. Battaglia said that by utilizing Freddie Mac’s Index Lock program as well as a 75-day early rate lock, the borrower was able to lock in the certainty of the cost of debt and minimize the prepayment penalty on their existing financing.
Constructed in 2004, Silverhawk Apartments & Centre is a Class-A, garden style apartment community with a small retail component. The property features an attractive amenities package that includes a resort-style swimming pool, sundeck with a grilling area, fitness center, media center, billiards room, business center, outdoor fitness track and a dog park. The apartment community is located adjacent to the La Quinta Resort & Club and is less than half a mile from Old Town La Quinta, a downtown area featuring many street-front shopping and dining options.
CBRE completes $58.3M sale of apartment community
Lawrenceville, Ga.—CBRE has finalized the sale of Madison at River Sound apartment community in Lawrenceville, Ga. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group led the sale on behalf of a partnership owned by B&M Management and Madison International Realty LLC.
The property sold for $58.3 million to Investors Management Group (IMG). The 586-unit community features spacious interiors, 9-ft ceilings, two-tier swimming pool and an updated clubhouse. Madison at River Sound enjoys frontage along Highway 316 and is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in the state.
CBRE has identified that Atlanta’s multifamily market is healthier than it has been in nearly a decade, hitting levels of activity that exceed pre-recession figures. As the market continues to thrive, the multifamily sector in Atlanta is poised for success in 2015. The city’s absorption is in line with the national multifamily trend, in which the national annual multifamily absorption is at its highest level since 2010, with a national vacancy rate of 4.6 percent and a year-over-year average rent increase of 5.3 percent–the strongest annual increase since 2005.