Search
 

Housing Not Only Fills Need But is Future-Thinking

REDWOOD CITY, CA—Features include WiFi hubs on each floor, keyless fob access, Nest learning thermostats and thermal solar water heaters, while the building is pre-wired for Google Fiber, a 1 gigabit service up to 100 times faster than standard high speed Internet.

By Lisa Brown | Updated on October 28, 2016
Locale Apartments 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.