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5/06/20
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Here’s news of a Bay Area multifamily financing deal. Valley Plaza Village Apartments, a 144-unit, garden-style apartment property in Pleasanton, was just refinanced with a new loan for $35 mil. The borrower is an affiliate of E&S Ring.
Valley Plaza Village Apartments is located at 4411 Valley Ave, adjacent to the Valley Plaza shopping center at the corner of Valley Ave and Santa Rita Rd, approximately one mile north of downtown Pleasanton. Amador Center, another shopping center directly across Valley Ave, is anchored by Safeway and Walgreens and provides residents with additional nearby shopping and dining amenities.
The transaction, arranged by Nathan Prouty and Andy Slaton with NorthMarq Capital, along with Jeff Dannes, was structured with a 10-year term of interest-only payments with a fixed-rate just under 3%. The loan was financed through Fannie Mae.
Pleasanton’s location at the intersection of the Interstate 580 and 680 has made the city not only a prominent commercial portal, but also ideal for families given its warm climate and reasonable commute times to Oakland, San Francisco and San Jose. Valley Plaza Village Apartments is 2.8 miles southeast of the city’s BART station, providing easy transportation for residents each of these major employment hubs (BART will have access to San Jose once the Silicon Valley extension is completed) as well as throughout the greater Bay Area.
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