IRVINE, CA - CWCapital, a subsidiary of CW Financial Services and a full-service, national lender to the multifamily and healthcare real estate industries, today announced that it has provided $17.4 million for the refinance of Clock Tower Village I and II, a 188-unit multifamily property located in DuPont, Washington.
Source: CW Financial Services
The 10-year loan was financed through CWCapital's Agency Lending Group and was originated by Thomas Meunier, Vice President in CWCapital's Irvine, CA office. Executed through Freddie Mac's Capital Markets Execution Program (CME), the loan was unique given the property's high concentration of military tenants. Located in the award-winning master-planned community of Northwest Landing in DuPont, the subject property is the closest apartment complex to nearby Fort Lewis, with approximately 80% of the tenant base comprised of military personnel.
Clock Tower Village was originally constructed in 1997, and a second phase that added 71 units was completed in 2004. Situated on 12.68 acres, the property consists of 32 two-story buildings and includes garage parking and gas fireplaces within each unit, as well as a clubhouse featuring a fitness center, business center, community room, swimming pool and hot tub. Clock Tower Village has maintained strong occupancy levels, and is currently 92% leased.
Tom Meunier stated, "Clock Tower Village is an excellent property with strong sponsorship, and is still under original ownership. We were able to work with the borrower and Freddie Mac to provide a very competitive rate and a cash-out option while also dealing with the high military concentration of the property. Our borrower was extremely pleased with the favorable terms and the efficient execution."
Bryan Frazier, Managing Director for CWCapital's Western Region platform added, "We are pleased to be able to complete this transaction for our borrower and to see activity in the lending sector increasing. Loan quote and application activity continues to rise and our clients are indicating that they, too, are seeing an escalation in market activity. We have increased staff through the hiring of Tom Meunier, and more recently Trevor Fase, and are continuing to hire, preparing for what looks like a busy second half of the year, and a record year at CW."
A leading Freddie Mac, Fannie Mae and FHA lender offering origination, underwriting and servicing through its network of national lending offices, CWCapital has closed over $11.5 billion in loans since 2002, and currently services a portfolio of $11.6 billion in loans in 48 states.
CW Financial Services is a unique, vertically integrated commercial real estate debt platform comprised of CWCapital LLC, CWCapital Investments LLC and CW Capital Asset Management LLC. Offering a full range of products and services including multifamily lending, servicing, special servicing, consulting and investment management, CW Financial Services employs approximately 330 professionals in 13 offices nationwide.