BETHESDA, MD - Walker & Dunlop, Inc. announced that its subsidiary, Walker & Dunlop, LLC recently provided $74,400,000 in supplemental financing for Bella Vista Apartments, a Class A residential apartment community located in Santa Clara, CA.
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.
Don Lewis, Executive Vice President, Interland Company, stated, "I always knew I could count on Walker & Dunlop to perform and this latest transaction only reinforced that belief. With the complexity of supplemental financing plus the size of the loan, it was great to have Verne, Jeff and their team at Walker & Dunlop assisting us through the process."
Bella Vista Apartments is a 634-unit garden-style apartment community built in two phases in 1991 and 1993 by the borrower, Interland Corporation. The multifamily complex is situated on over 22 acres and offers one- and two-bedroom units featuring new all-electric kitchen appliances, spacious closets, ceiling fans, and patios or balconies. Top floor units feature cathedral ceilings and marble wood-burning fireplaces. Property amenities include two clubhouse buildings, three outdoor pools, spas and saunas, a car wash area, gated entry, and private garages in some buildings. The main clubhouse includes a resident lounge, full kitchen, fitness center, library, reception and mezzanine area, conference center with internet access, and an aerobics studio. Bella Vista Apartments was over 96 percent occupied at closing.
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS(TM), Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. Walker & Dunlop'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. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.