PROJECT DESCRIPTION

Built in 1986, and acquired and renovated by the sponsor in 2011, Walnut Woods is a 100 unit apartment community located in Turlock, CA. The property consists of one- and two-bedroom floor plans. Unit amenities include central heat and air, patios/balconies, fully equipped kitchens, washer/dryer hook-ups, vaulted ceilings in select units, and fireplaces in select units. The property is located in a park-like setting with mature landscaping. Community amenities include a swimming pool and spa, fitness center, on-site laundry, covered parking and on-site maintenance.

CHALLENGES

On this transaction, the sponsor faced a very tight timeline to accommodate their quarter end partner distributions and existing loan payoff date. The sponsor called on Bellwether Enterprise to quickly identify the best available financing to meet their timeframe.

RESULTS

Bellwether Enterprise, working closely with Freddie Mac, was able to respond quickly and deliver a new permanent loan in 21

days from application to close. Bellwether Enterprise’s private ownership and entrepreneurial culture, enabled Bellwether’s West Coast office to move quickly to find the best available financing on behalf of the sponsor.