Walker & Dunlop, Inc. (NYSE: WD) announced today that it originated a $25,385,000 loan for the refinance of Silverhawk Apartments & Centre, located in La Quinta, California. The borrower originally purchased the property out of foreclosure in 2009 and has successfully improved operations, benefiting from the property’s strong location and the continued market recovery of the Coachella Valley region.
Bill Battaglia and Steve Natale led the team that structured and closed a ten-year fixed rate loan that includes four years of interest-only. Mr. Battaglia commented, “By utilizing Freddie Mac’s Index Lock program as well as a 75-day early rate lock, the borrower was able to lock in the certainty of the cost of debt and minimize the prepayment penalty on their existing financing.” Additionally, Mr. Natale stated, “This transaction is a prime example of Freddie Mac’s current competitive offerings that allow us to accommodate borrowers who require additional flexibility in the timing of a transaction and still want to take advantage of today’s historically low interest rates.”
Constructed in 2004, Silverhawk Apartments & Centre is a Class-A, garden style apartment community with a small retail component. The property features an attractive amenities package that includes a resort-style swimming pool, sundeck with a grilling area, fitness center, media center, billiards room, business center, outdoor fitness track, and a dog park. The apartment community is located adjacent to the La Quinta Resort & Club and is less than 1/2 mile from Old Town La Quinta, a downtown area featuring many street-front shopping and dining options.