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October 9, 2020 Comments Off on NKF Secures $454M in Refinancing for 3-State, 7-Asset MF Portfolio Views: 1037 California News, Oregon, Southwest, Top California, Utah, West

NKF Secures $454M in Refinancing for 3-State, 7-Asset MF Portfolio

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NKF completed a pair of structured transactions totaling $454 million for the refinance of seven assets on behalf of a private, San Francisco-based owner. NKF’s Mitch Clarfield and Ryan Greer led the GSE effort.

The largest funding was a new $384.75-million Fannie Mae Credit Facility for the refinance of a six-property portfolio in California and Oregon. The new facility had a $130 million 10-year full term interest-only tranche and a $254.75 million 15-year tranche with 14 years of interest only at a 74% loan-to-value.

The six-property, 1,633-unit cross-collateralized portfolio includes four assets in Southern California, one in Northern California and one in Oregon, including:

  • Palisades at Sierra Del Oro in Corona, 288 units, built in 2015. (pictured)
  • Sierra Del Oro in Corona, 300 units, built in 1989.
  • Terra Nova in Chula Vista, 233 units, built in 1985.
  • Village Oaks in Chino Hills, 280 units, built in 1989.
  • Hawthorn Village in Napa, 244 units, built in 2003.
  • Terrene at the Grove in Wilsonville, OR, 288 units, built in 2013.

The other deal was a $69.3 million, 10-year, full-term interest-only advance to fund the addition of Callaway Apartments, a 624-unit multifamily property in Taylorsville, UT, to a four-year-old Fannie Mae Credit Facility. The facility is now comprised of five assets with 1,700 units and a balance of $240 million.

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* Pictured Palisades at Sierra Del Oro in Corona

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