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3/16/15
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Silverwing Development Corporation has obtained $17.745 mil in financing for The Bungalows at Sky Vista, a newly-built, 188-unit, Class A multi-housing community located in Reno, NV. The new loan was funded through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.
The Bungalows at Sky Vista is a two-phase, multi-housing community that currently has 188 single-story units with direct access to attached garages and will eventually expand to a total of 338 units. The first phase was completed in 2014 and includes a resort-style lap pool and spa with controlled access, clubhouse with big screen TV and business center, 24-hour fitness center, on-site community garden, playground and two private dog parks. With the completion of Phase II, residents will have access to a one-mile paved walking trail in addition to the seven paved miles currently available.
Situated on 19.6 acres at 9755 Silver Sky Pkwy in the northern part of Reno, the property is located within the Sky Vista master-planned community that includes 2,286 homes. The Bungalows at Sky Vista is less than one mile north of Highway 395, five miles from downtown Reno and approximately 45 miles from Lake Tahoe.
HFF’s Kevin MacKenzie, Greg Brown and Jamie Kline arranged the seven-year, 2.42 percent, floating-rate loan. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds will be used to pay off the existing construction loan.
Silverwing Development Corporation, which operated in California, Texas and Nevada, has now relocated to Reno, Nevada, with focus on growth in Northern Nevada markets. Since its operations in 1986, the company has been active in residential, commercial and land development in California, Nevada and Texas. Its principals have developed properties in 11 states throughout the nation.
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