"Our lender was able to evaluate the borrower's business plan for the development and fund both the acquisition cost and the capital expenditures requred," says Ashworth principal June K. Fish. She adds that the deal was made easier due to the owner's solid reputation in buying and repositioning multifamily assets.
Constructed in 1980, the Walnut Park Apartments will undergo an extensive renovation during the next three years, says Fish. The complex features 13 buildings yielding 53 one-bedroom units and 51 two-bedroom units. It is located on 12.9 acres of land.
According to Fish, monthly payments on the note will be interest-only until it is redocumented as a fixed-rate, securitizable loan by a conduit lender.
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