CWCapital Provides $10 Million Refinance Loan on Marbella Villa Apartments

Collaborates with Fannie Mae on “Cash-Out” Refinance

BOSTON--()--CWCapital, a subsidiary of CW Financial Services and a full-service, national lender to the multifamily and healthcare real estate industries, today announced that it has provided $10 million for the refinance of Marbella Villa Apartments, a 106-unit multifamily property located in Chino, CA.

The 10-year fixed rate loan was financed through CWCapital’s Agency Lending Group and was originated by William Battaglia, Vice President in CWCapital’s Irvine, CA office. The loan was executed through the Fannie Mae DUS program and provided a lower rate and cash-out to the borrower. Although located in a pre-review market, the subject property and the sub-market in general have demonstrated consistent performance during the recent economic downturn.

Marbella Villa Apartments consists of six buildings on 4.72 acres and was constructed in 1988. The property has exhibited strong historical occupancy levels (over 95%) and offers a fitness center, swimming pool, spa, barbecue amenities, laundry facilities and security. Marbella Villa is located in a mixed-use area close to Highways 60 and 71 and is in the westerly portion of San Bernardino County, 8 miles from Orange County.

CWCapital worked closely with Fannie Mae to evaluate the characteristics of the property’s submarket and differentiate between the submarket and the regional market which has been significantly impacted by the economic downturn. This allowed CWCapital to provide more competitive LTV and DCR parameters than would normally have been attainable.

Bryan Frazier, Managing Director for CWCapital’s Western Region platform stated, “We are very pleased to complete this transaction and are even more pleased at the ability to offer the borrower a “cash-out” option in a pre-corrective market. This is highly unusual in the current economic environment and we were pleased to work closely with the borrower and Fannie Mae in executing such favorable loan terms. To complete a deal of this nature and to be able to execute it efficiently in this environment was very exciting, and something we hope to do more of.”

“This was an incredibly successful transaction for the borrower in the face of a very challenging market,” stated William Battaglia. “The borrower, Fannie Mae and CWCapital’s closing and underwriting teams all came together to mitigate potential issues and execute quickly – exceeding the borrower’s expectations.”

About CWCapital

CWCapital (CW) is a leading, national full-service lender to the multifamily and commercial real estate industries offering Fannie Mae DUS, Freddie Mac and FHA finance programs. A member of the CW Financial Services (CWFS) vertically integrated family of companies, which also includes CWCapital Investments and CWCapital Asset Management, CW has closed approximately $10 billion in loans since 2005 and currently services approximately $11 billion of loans in 48 states. The company generally services all loans that it originates as well as loans for institutional investors.

CWFS employs approximately 320 employees located in 12 offices nationwide, and through CWCapital Investments and CWCapital Asset Management, is the named special servicer on CMBS transactions backed by $174 billion of multifamily and commercial loans representing approximately 14,000 mortgages.

Otéra Capital, a Montreal-based mortgage lender, holds a majority interest in CWFS. Otéra Capital offers a wide array of commercial real estate debt services from origination and underwriting to asset management, along with a sophisticated range of products extending from conventional mortgages to structured products. Otéra is active in Canada, the United States and Europe and is a subsidiary of the Caisse de dépôt et placement du Québec, one of the leading institutional fund managers in Canada and the United States. For more information, visit www.oteracapital.com.

Contacts

CWCapital
Elizabeth Orcutt, 781-707-9334
Marketing Director
eorcutt@cwcapital.com

Contacts

CWCapital
Elizabeth Orcutt, 781-707-9334
Marketing Director
eorcutt@cwcapital.com