The investment group owns 244 units in the 267-unit Trails of Woodlake, built in 1972 at 2222 Westerland Dr. and converted into condo product in the early 1980s. The balance of the units are individually owned.
Morgan Stanley Mortgage Capital Inc. of New York City provided the capital infusion in a package with a 10-year term, 5.2% fixed-rate interest and 30-year amortization, Bruce Francis, senior director in Phoenix for Houston-based LJ Melody & Co. tells GlobeSt.com.
Francis says the Trails of Woodlake is the first financing that the borrower has run through Morgan Stanley. He adds the deal cleared the NYC lender because of the borrower's experience as a multifamily owner in the West and Southeast. He says Morgan Stanley won the deal because it locked in a 5.2% fixed-rate interest early plus offered "a certainty of execution" for the close. The refinancing was a straight-up transaction with no capital set aside for renovations, he says.
The borrower bought the one-time units in the late 1980s and returned them to the rental market. Monthly rents for the one-, two- and three-bedroom units range from $685 to $1,400. According to Francis, the Trails of Woodlake is "a clean, well-run property."
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