SUNNYVALE, CA-The owner of Fair Oaks West Apartments here has taken on a $61-million loan for his 776-unit development. FOW Ltd. utilized Freddie Mac’s embedded cap program to obtain an interest-only, variable rate loan to which a ground lease is subordinated. Berkshire Mortgage Finance of Boston provided the funding. Originator Cathy Voreyer in in the company’s Irvine, CA office says the 10-year loan floats over Freddie Mac’s 30-day Reference Bill, but declined to be more specific.FOW Ltd is a conglomeration of companies that has owned the asset for a long time, according to Voreyer. The secretary of state’s office lists the address of the company as that of Belmont, CA-based Woodmont Real Estate Services, which has an institutional asset management division called Woodmont Realty Advisors Inc.The ownership did not previously have a loan on the apartment complex, which was built in 1972. The owner’s motivation to take money out of the property for was the low interest rate environment, says Voreyer. Fair Oaks West offers large units in several different floor plans. Amenities include tennis courts, swimming pools, saunas and a fitness center. The property, which doubles as a dormitory for nearby Cogswell College, also offers scuba lessons, billiards, ping-pong, sand volleyball, a children’s activity center and a movie theater.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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