TODAY’S DEALS: Walker & Dunlop Structures $54M Acquisition Loan
Walker & Dunlop Inc. arranges a $54,840,000 loan for Highland Gardens Apartments; and Marcus & Millichap brokers an apartment property sale at a price of $434,211 per unit.
Bethesda, Md.– Walker & Dunlop Inc. announced that it arranged a $54,840,000 Fannie Mae acquisition loan for Highland Gardens Apartments in Mountain View, Calif. The seven-year loan was structured as full-term interest-only with a 65 percent loan-to-value ratio and a 1.25 DSC ratio.
Highland Gardens Apartments is a 187-unit garden-style apartment community built in 1963 and recently renovated in 2013. The updated luxury apartments include new appliances, private patios, and granite countertops. Community amenities include a new fitness center, swimming pool, bocce ball court, and a brand new BBQ cabana. Previously, the asset was operated as two separate properties that are split down the middle by a parcel of land owned by the San Francisco Public Utility Commission (SFPUC). This parcel includes underground water mains that provide water to the nearby San Francisco Bay area.
Marcus & Millichap brokers $434,211-per-unit sale
Los Angeles– Marcus & Millichap announced the sale of 526 North Orlando Ave., a 19-unit apartment property in West Hollywood, Calif. The $8,250,000 sales price equates to $434,211 per unit.
Richard Ringer, first vice president investments in Marcus & Millichap’s West Los Angeles office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Michael Hanassab and Elliot Hassan, senior associates in the firm’s Los Angeles office.
Built in 1964 and extensively renovated in 2012, 526 North Orlando Ave. is located in West Hollywood just east of La Cienega Boulevard and south of Melrose Avenue. Rosewood Avenue Elementary School is one block away and The Pacific Design Center, Sunset Strip, Runyon Canyon Park, The Grove and the Beverly Center are nearby.
The four-story, wood-frame and stucco apartment building features secure entry, an inviting lobby entrance and 29 gated, subterranean parking spaces. The unit mix is three one-bedroom/one-bath units, 15 two-bedroom/two-bath apartments, and a high-end three-bedroom/two-and-one-half-bath penthouse with key-secured elevator access and views from multiple decks and balconies.
