Lender Pool Is Deep for “Strong Borrowers”

Los Angeles

There is a lot of talk about tightening debt for certain asset classes, but if you are a strong borrow with a class-A asset, the capital stack is your oyster. AvalonBay has secured a $185 million loan to refinance a three-property multifamily portfolio. The borrower saw tremendous competition from potential borrowers and was able to secure favorable terms. Although the rate was not disclosed, the loans were 10-year fixed rate with full-term interest only.

“This transaction confirms that it remains an excellent time for strong borrowers with quality properties to achieve attractive loan terms from a deep pool of prospective lenders,” Kip Kimble, SVP of Bellwether Enterprise and the loan’s originator, tells GlobeSt.com. “There was competition from many lenders to be awarded this attractive financing opportunity.”