Irongate Apartments consists of 19 two-story apartment buildings and a recreation building situated on thirteen and a half acres at 3301 Arena Boulevard on the northwest corner of Arena Boulevard and Duckhorn Drive. The apartment buildings contain one-, two- and three-bedroom units that range in size from 748 sf to 1,240 sf. In-unit features include full-size washer and dryers, ceiling fans, walk-in closets and central heating and air. The recreation building contains a media area, kitchen, fitness center, business center and swimming pool.

The loan was sourced by Mike White, a senior director in the Orange County office of Holliday Fenoglio Fowler LP. White tells GlobeSt.com the 10-year fixed-rate financing was 80% loan-to-value and had a debt coverage ratio of 1.2x. The lender was Wachovia Securities.

"Our challenge was that this new project required a full loan commitment prior to completion of proforma lease-up," says White. "Because of the rapid absorption experienced by the project, Wachovia worked with us to structure an A/B transaction that acknowledged the project's momentum with a 'real-time' underwriting threshold rather than a backward averaging of historical income in place." White adds that because of the circumstances the loan proceeds could not have been achieved through agency underwriting.