ONTARIO, CA-Walker & Dunlop Inc. recently provided $71.2 million in financing for Terracina Apartments, located in Ontario, CA. As GlobeSt.com previously reported, the 736-unit multifamily property, originally built in 1988, offers one- and two-bedroom floor plans and was recently acquired for $95 million by MG Properties Group. The seller was Archstone.
The borrower split the community into two independently-run properties, Terracina Archibald and Terracina Riverside, requiring Bryan Frazier and his team at Walker & Dunlop to establish new underwriting standards for the identical properties and provide acquisition financing as two separate loans. Walker & Dunlop structured the deals to accommodate the borrower's long term investment goals and provide refinance flexibility for the future, according to a prepared statement.
The combined occupancy was over 92% at closing. “Because of the unique nature of this deal, the borrower required a partner that knew their business and had a strong relationship with Fannie Mae,” explains Frazier. “These relationships are what made this financing possible.”
He adds that the team “structured the financing to provide maximum marketability and attract a larger investor base for MG Properties Group, a valued client since 1998.”
© 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.
