Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE- Alliant Capital LLC originated $160 million of debt during the first three months of the year, including 13 smaller deals totaling $44 million of apartment loans in the final two weeks of the quarter. The details of the most recent loans originated by the locally based permanent, debt and equity financier and Fannie Mae DUSR lender for the multifamily industry provide a sense of what types of deals are being funded in different parts of the nation.

Approximately half of dollar total originated in the final two weeks of March was produced by Jay Blasberg, senior vice president of the Alliant Capital Southwest office. Blasberg says the transactions were challenging due to the economy, especially the properties in Vegas and Houston where there have been significant increases in unemployment.

For Devonshire, a garden-style community in Las Vegas he originated a $9.3-million refinance loan with a 10-year term, a 5.87% interest rate, 9.5 years of yield maintenance and a 30-year amortization schedule. For the refinance of Lake Meridian Shores, a 56-unit, lakefront apartment community in Kent, WA, Blasberg originated a 10-year, $6-million Fannie Mae DUS fixed rate loan with two years of interest only payments, a 30-year amortization schedule and a 5.45% interest rate.

For Summer Cove, a multifamily property in Downtown Houston, he originated a $2.5-million supplemental loan with a 10-year term, 9.5 years of yield maintenance, a 30-year amortization schedule and a 6.41% interest rate.

For Mark III, a five-story multifamily building in Denver, Blasberg originated a $2.4-million refinance loan with a 10-year term, 9.5 years of yield maintenance, a 30-year amortization and an interest rate of 5.79%.

For Alpine Mountain Vista and Green Mountain Vista in Lakewood, CO, Blasberg originated supplemental, co-terminus five-year loans of $748,200 and $582,100, respectively. The loans have 4.5 years of yield maintenance, a 30-year amortizations schedule and a 5.66% interest rate.

Billy Hurst and Yancey Strait, senior vice presidents in Alliant Capital’s South office originated refinancing for the Trail ($2.48 million) and South Pointe ($3.6 million), two garden-style apartment complexes in Shreveport, LA. The loan had a 10-year term, 9.5 years of yield maintenance, 30-year amortization and a 5.73% interest rate. Hurst and Yancy say they were asked to close the deal within a three-week window and were able to do so because “the Shreveport market is relatively stable.”

Hurst and Yancy also closed two loans for a single sponsor in Tulsa, Okla. The properties, Hunters Creek ($4.3 million), a non-contiguous property of 116 apartments and 90 duplex units, and Lakewood Park ($6.7 million), 224-unit apartment community, were acquired using a seven year arm with a 30-year amortization. The interest rate was 4.7%.

Jeff Stuart, senior vice president of Alliant’s Northwest/Midwest office refinanced Roy Vue, a 34-unit brick, U-shaped historic property in Seattle that was built in 1924 and is currently 4% occupied. As a choice refinance, the $4.1-million, 10-year loan included two-year of interest only payments, a 30-year amortization and an interest rate of 5.9%.

Byron Steenerson, also in the Seattle office, closed a $4.35 million origination of the 180-unit Parkwood Apartments in Turlock, CA. The affordable property is 100% leased with a waiting list. The refinance terms include a fixed 5.7% interest rate, 10-year term and a 30-year amortization. Steenerson says Alliant Capital offered an extended rate lock 30 days in advance of closing in order to deliver a low fixed rate in this volatile interest rate environment.

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?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.