The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Warmington Properties Refis 1,240-Unit Res Portfolio with $190 Mil in Freddie Mac and Fannie Mae Loans

5/10/17

Warmington Properties Inc has secured six refinance loans totaling $190.2 mil with Freddie Mac and Fannie Mae for a 1,240-unit portfolio consisting of Class A and B multifamily developments that they own in California and Nevada. Gregory Richardson and Scott Watson with Walker & Dunlop Inc placed the debt on behalf of Warmington.

The portfolio contains five Freddie Mac loans and one Fannie Mae loan, all of which were structured with 10-year terms and 30-year amortization schedules. The non-recourse, fixed rate executions were arranged with a cash-out component. Beginning in 2014, Warmington implemented a portfolio-wide value enhancement program, which included the complete renovation of common area amenities, building exteriors, and a full upgrade to unit interiors.

Located in growing metropolitan areas where there is a high demand for rental housing, each property has an average occupancy of over 95 percent. The multifamily complexes include a variety of amenities including a pool, spa and sauna, fitness center, clubhouse, leasing office, security system, barbeque area, and car wash. The properties are in close proximity to schools of all levels, retail centers with large national tenants, major roadways, and single and multifamily residences.

One of the properties, Martin Apartments, qualified for an early rate lock and low interest rate with Fannie Mae’s Green Rewards program. In addition to the Fannie Mae early rate lock, index locks were utilized to mitigate risk for the balance of the portfolio.

Warmington’s Mike Riddlesperger noted, “These refinances are part of a strategic plan to move Warmington Properties towards a more institutional grade investment platform. The capital resulting from these refinances will be reinvested alongside that of several strategic partners to significantly expand our portfolio throughout the Western States.”






Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media