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6/21/12
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Interland Corporation obtained $74.4 mil in supplemental financing for Bella Vista Apartments, a 634-unit, Class A residential apartment community located in Santa Clara. Walker & Dunlop LLC provided the financing, which was structured with an 8.13-year term and a 30-year amortization. It was underwritten to a 54.11 percent loan-to-value (combined first loan and supplemental loan) with a 1.33x debt-service coverage ratio.
Bella Vista Apartments is a garden-style apartment community built in two phases in 1991 and 1993 by Interland. 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.
Senior Vice Presidents Jeff Burns and Verne Murray led the Walker & Dunlop team handling the transaction.
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