"Our lender was able to evaluate the borrower's business planfor the development and fund both the acquisition cost and thecapital expenditures requred," says Ashworth principal June K.Fish. She adds that the deal was made easier due to the owner'ssolid reputation in buying and repositioning multifamilyassets.
Constructed in 1980, the Walnut Park Apartments will undergo anextensive renovation during the next three years, says Fish. Thecomplex features 13 buildings yielding 53 one-bedroom units and 51two-bedroom units. It is located on 12.9 acres of land.
According to Fish, monthly payments on the note will beinterest-only until it is redocumented as a fixed-rate,securitizable loan by a conduit lender.
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