Walker & Dunlop, LLC, one of the leading commercial real estate finance companies with a primary focus on multifamily lending, announced that it recently provided a $74,400,000 in financing for a residential apartment community.
The supplemental loan was structured with an 8.13-year term and a 30-year amortization. The loan was underwritten to a 54.11 percent loan-to-value (combined first loan and supplemental loan) with a 1.33x debt-service coverage ratio.
The property, Bella Vista Apartments in Santa Clara, California, is a 634-unit garden-style apartment community built in two phases in 1990 and 1993 by the borrower, Interland Corporation. Property amenities include two clubhouse buildings, three outdoor pools, spas and saunas, a car wash area, gated entry, private garages in some buildings, a conference center with internet access, and an aerobics studio. Bella Vista Apartments was over 96 percent occupied at closing.
As a Fannie Mae DUS(TM), Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Walker & Dunlop, LLC Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The company’s proprietary Interim Loan Program provides financing for multifamily properties that do not currently qualify for permanent financing. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies.
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