Locale Apartments are pre-wired for Google Fiber.
REDWOOD CITY, CA—It is common knowledge that Silicon Valley housing can't be built fast enough to accommodate the cataclysmic influx of residents. Job growth continues on its upward trajectory, with seemingly no end in sight, or at least for the foreseeable future. Another newly constructed class-A property adds 133 units to the inventory, under the assumption that every unit helps.
Walker & Dunlop Inc. recently closed a $51.11 million loan for the conventional multifamily property, Locale Apartments. The loan is structured to include 10 years of interest-only payments at a low, fixed interest rate, well below 4%.
The loan was processed as a Fannie Mae near-stabilization execution, which offered competitive proceeds, exceeding 100% loan to cost, which will allow the borrower, Acclaim Companies Inc., to retire the construction loan and preferred equity financing. The Walker & Dunlop team was led by Ralph Lowen, Jeff Burns and Justin Nelson.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
