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3/25/15
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Walker & Dunlop Inc has structured a $54.84 mil, Fannie Mae acquisition loan for Highland Gardens Apartments, a 187-unit multifamily complex in Mountain View, CA. Highland Gardens Apartments is a garden-style apartment community originally 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.
Bryan Frazier, managing director, led the Walker & Dunlop team that structured the loan. The seven-year loan was structured as full-term, interest-only with a 65% loan-to-value ratio and a 1.25x DSC ratio.
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