$71M Goes Towards Ontario Apartments

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.