The 12 garden-style buildings that comprise the complex were built in 1989. PW Funding funded the loan under Fannie Mae's DUS program. The loan has a 5.10% interest rate, a debt service coverage of 1.38x and a loan to value of 78%. The borrower is Oakmont Properties II, a California Limited Partnership.
The complex consists of one-, two-, and three-bedroom apartments with dishwashers, garbage disposals, microwaves, washer/dryer units, central air conditioning and balconies or patios. The recreation building includes a fitness center, an outdoor pool and spa and a playground.
PW Funding says it rate-locked the loan in 28 days from application and closed it in 31 days from application. It was originated by Richard Olrich in PW Funding's San Francisco office.
PW Funding originates, underwrites, and services mortgage loans for conventional apartment properties, affordable housing, senior housing, and select commercial and health care properties nationwide.
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