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MULTIFAMILY NEWS
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Newly Built Res Community in Redwood City Financed with $51 Mil Fannie Mae Loan

10/21/16

Acclaim Companies Inc has secured $51.1 mil in financing on Locale Apartments, a newly-built Class A+ rental community in Redwood City. Completed in 2016, the development offers 133 luxuriously-appointed units consisting of studios, one-, and two-bedroom apartments.

In-unit features at Local Apartments include Wi-Fi hubs on each floor, stainless steel appliances, keyless fob access, Nest learning thermostats, and a thermal solar water heater. The building is also pre-wired for Google Fiber, a 1 gigabit internet service which is up to 100x faster than standard high speed internet.

The community amenities offered are also high-quality, including a roof-top deck, outdoor spa, fitness center, private club room, bike storage, pet area, and electric vehicle charging at half of the parking spaces. Locale draws renters from Stanford University along with companies such as Facebook and Google. The project exceeded 90 percent occupancy as of July, 2016.

Ralph Lowen, Jeff Burns and Justin Nelson of Walker & Dunlop structured the loan, which includes 10 years of interest-only payments at a low, fixed interest rate, well below 4 percent. The loan was processed as a Fannie Mae Near-Stabilization Execution, which offered competitive proceeds, exceeding 100 percent loan to cost, which will allow the borrower, Acclaim Companies Inc, to retire the construction loan and preferred equity financing. The borrower is seasoned in the local market, and the key principals of the property have 19 years of experience owning and managing multifamily properties.






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