AUSTIN, TX-Owners of the class A Legacy at Western Oaks have obtained a new $27.5 million loan to retire maturing debt on the complex. The capped adjustable rate mortgage from Wells Fargo & Co. comes with a seven-year term, with the first two years interest only, and a 30-year amortization.

Wells Fargo Multifamily Capital’s Laurie Morfin tells that several aspects of the asset at 8801 La Cresada Dr. made arranging the loan a fairly straightforward process. The fact that Legacy at Western Oaks was a well-maintained, class A asset was one point in its favor adds Morfin, who works out of the company’s San Diego office.

Furthermore, the “sponsor was strong and occupancy was maintained at about 90%. That’s pretty amazing in today’s market; it’s difficult to find stable occupancy in some of the assets we see,” says Morfin, who worked with Patrick McAllister with Wells Fargo Multifamily Capital office in San Francisco to approve the loan. Morfin says Wells Fargo worked directly with the borrower on the refinance.

Legacy at Western Oaks was completed in the early 2000s, and has a mix of one-, two- and three-bedroom units. Unit sizes range between 800 square feet for a one-bedroom, one-bathroom apartment, to 1,477 square feet for a three-bedroom, two bathroom apartment. Rents are from $807 to $1,720 per month.

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