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Milpitas Multifamily Asset Refis at $59M
Ilara Apartments, a mid-rise 200-unit multifamily community located in Milpitas, was recently refinanced to the tune of $59 million. The loan bears a fixed 3.10% interest rate with interest-only debt service payments for the full 10-year term.
Managing Director Dennis Williams and Vice President Tom Wight closed the non-recourse loan with the assistance of analysts Jackie Goldsmith, Anika Sachse-Tiglao and Soraya Rios. NorthMarq arranged the financing through a correspondent life insurance company on behalf of the sponsor, JB Matteson Inc. of San Mateo.
“One of the major benefits of the life company loan was the borrower’s ability to lock the interest rate three months in advance,” said Wight. “This enabled the borrower to eliminate interest rate risk while allowing time for the prior loan’s prepayment penalty to burn off.”
Community amenities include a fitness and conditioning club, social lounge with kitchen and gaming room, pool and spa with fireside lounge, and common-area WiFi.
For comments, questions or concerns, please contact Lisa Brown
- ◦Financing
