ONTARIO, CA-Walker & Dunlop Inc. recently provided $71.2 million in financing for Terracina Apartments, located in Ontario, CA. As GlobeSt.com previously reported, the 736-unit multifamily property, originally built in 1988, offers one- and two-bedroom floor plans and was recently acquired for $95 million by MG Properties Group. The seller was Archstone.
The borrower split the community into two independently-run properties, Terracina Archibald and Terracina Riverside, requiring Bryan Frazier and his team at Walker & Dunlop to establish new underwriting standards for the identical properties and provide acquisition financing as two separate loans. Walker & Dunlop structured the deals to accommodate the borrower's long term investment goals and provide refinance flexibility for the future, according to a prepared statement.
The combined occupancy was over 92% at closing. “Because of the unique nature of this deal, the borrower required a partner that knew their business and had a strong relationship with Fannie Mae,” explains Frazier. “These relationships are what made this financing possible.”
He adds that the team “structured the financing to provide maximum marketability and attract a larger investor base for MG Properties Group, a valued client since 1998.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
