Written by The Business Journal Staff
The loan is secured by the apartment complex.
Housing Solutions LLC of Martinez, Calif. is the buyer. Lanford Tobe, senior vice president of Johnson Capital, hooked up with Streamline Realty Funding in New York, which provided the advance under its bridge loan program.
The seller, Willow Lakes RECA LLC, which purchased the complex from the bank after it was foreclosed on, refurbished the apartment complex before putting it up for sale. The apartments remained open during the transition.
The purchase was made possible by a three-year, interest-only, non-recourse funds that includes two one-year extension options.
The loan amount represents 85 percent of the purchase price and has an interest rate in the low 5 percent range.
“This 85 percent loan-to-value loan is a great example of the low-cost, short-term bridge loans that we can now arrange for multifamily investors,” Tobe said. “Since 25 percent to 30 percent down is the norm and financing in the Central Valley towns near Fresno is limited, we are very pleased to arrange a purchase transaction that required only a 15 percent down payment.”
The property, Willow Lakes Apartment Homes, was built in 1987 and is a townhome apartment community situated on 16.87 gated acres in a private park-like setting. The property consists of one-story flats, two-story townhome-style buildings and a central one-story clubhouse with a new fitness room.
Willow Lakes features three lakes with fountains as well as many willow trees throughout the property.
The unit mix is comprised of 37 one-bedroom units, 117 two-bedroom units and 36 three-bedroom units. The complex includes two swimming pools and a spa.