Multi-Family

Essex Place Apartments: $20,400,000
Dexia funded this $20,400,000 loan secured by an attractive Class B+ multifamily property. Essex Place, which contains 352 units on 34 acres, is currently operating at an occupancy level of 89%, slightly below market levels of 91%. Reserves were established for taxes, insurance, and capital expenditures. The loan was structured with a seven-year term based on a 30-year amortization period. The loan was underwritten to a 1.29 DSCR and a 74% LTV.

 

Town Center Apartments: $10,500,000
Dexia funded this $10,500,000 loan secured by a 156-unit garden apartment property with a list of up-scale amenities. The property benefits from an excellent location in Overland Park, a middle- to upper-income suburb of Kansas City. The property has achieved a stable occupancy rate of 95%. Reserves were established for taxes, insurance, and capital expenditures. The loan was structured with a seven-year term based on a 30-year amortization period. The loan was underwritten to a 1.29 DSCR and a 70% LTV.

 

Greenwich Green Apartments: $10,250,000
Dexia funded this $10,250,000 loan secured by a 180-unit garden-style apartment property located in Gainesville, Florida. The project was originally constructed in 1990 and has recently received extensive upgrades. The property contains 36 three-story residential buildings and a large, two-story clubhouse. The subject has exceptional amenities, including: a swimming pool, spa, lighted tennis court, two 4-wall racquetball courts, clubhouse, fitness center, game room, tanning bed, and a business center. Reserves were established for taxes, insurance, and capital expenditures. The loan was structured with a 10-year term based on a 30-year amortization period. The loan was underwritten to a 1.56 DSCR and a 73% LTV.

 

Jefferson Estates on Maryland: $19,740,000
Dexia funded this $19,740,000 loan secured by an up-scale, Class-A garden apartment community located in Phoenix, Arizona. The subject property consists of 14-buildings containing 330 units on a 11.65-acre parcel. Amenities include: two resort-style swimming pools and spa; business center and conference room; movie theater; game room; state-of-the-art fitness center and clubhouse. The subject is presently 94% occupied and has a history of stable occupancy. Reserves were established for taxes and insurance. The loan was structured with a 5-year term on an interest-only basis. The loan was underwritten to a 1.35 DSCR and a 70% LTV. Total hard equity in the transaction amounts to 30%.

 

Sterling University Canyon: $12,000,000
Dexia funded this $12,000,000 loan secured by an attractive, Class-A apartment property containing 192 units. The subject enjoys an excellent location in a strong middle-income area of Austin, Texas, southeast of the University of Texas. The subject offers an appealing list of amenities, including: a large pool with spa, professional landscaping, a clubhouse, business center with a fitness room, game room, and basketball court. The loan was structured with a 10-year term amortizing over 30 years, with the first two years on an interest-only basis. The loan was underwritten to a 1.48 DSCR and a 70% LTV.

 

Grandview Estates Apartments: $11,000,000
Dexia funded this $11,000,000 loan secured by a recently constructed 162-unit multifamily property located in Sartell, Minnesota. The subject offers desirable amenities, such as a children’s playground, indoor pool & spa, fitness center, walking paths, movie theater, and a large, landscaped park. Reserves were established for taxes, insurance, and capital expenditures. The loan was underwritten to a 1.22 DSCR and a 75% LTV. The loan was structured with a 10-year term, amortizing over 30 years.

 

Willow Cove Apartments: $34,000,000
Dexia has closed a $34,000,000 loan secured by a 588-unit, garden-style apartment property in West Jordan, Utah. The 28-building property sits on over 25 acres of land and is currently 93% leased. The improvements were constructed in 5 phases over a 20 year period with approximately 70% of the units constructed in the last 7 years. Amenities include a fitness center, outdoor pool and spa, club house and children’s playground. The loan represented a 71% loan to value and was structured on a 10-year term with 36 months of IO followed by a 30-year amortization schedule.