The deal was originated by Krage Olrich in the San Francisco office of PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. of New York City. The mortgage financing was provided under Fannie Mae's Delegated Underwriting and Servicing program at a 5.5% interest rate, a debt service coverage of 1.37 and a loan to value of 80%.
PW Funding's financing will convert the El Dorado property at 12159 Calle Sombra from a restricted complex in which 20% of the units were rented to residents earning 80% or less of the area's median income to a market-rate property with no rent restrictions. The El Dorado Pointe Apartments complex consists of 33 two-story, garden-style buildings constructed of cast-in-place, reinforced concrete-grade beams and wood frame, with exteriors of painted stucco and pitched roofs of red Spanish tile. Built in 1986, the complex was 98% occupied at the loan closing.
The 330 units include 150 one-bedroom, one-bath apartments; 60 two-bedroom, one-bath units; and 120 two-bedroom, two-bath units. Units range from 750 sf to 986 sf, with monthly rents from $691 to $903. The apartments at El Dorado are more spacious than competing properties and will offer rent savings over other area market-rate properties.
Amenities include dishwashers, garbage disposals, central air conditioning, wall-to-wall carpeting and balconies or patios. The complex features two swimming pools with spas and sundecks, two lighted tennis courts, playground areas, clubhouse with a recreation room and fitness center plus laundry facilities.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
