NKF Delivers $60M Life Insurance Company Financing for Silicon Valley MF
NKF closed a $60 million delayed acquisition financing on Revere Campbell Apartments, on behalf of Land and Houses USA, Inc. The a 168-unit apartment community was completed in 2015 and is located at 1725 S. Bascom Ave. in Campbell, CA.
The borrower acquired the property in 2017 for $119 million and sought to take advantage of historically low interest rates. The five-year, fixed-rate loan term, which also provided prepayment flexibility in year five, aligned with its investment objectives.
NKF’s Mike Poe, Kevin Mignogna and Charlie Haggard coordinated the debt placement through a life company for an apartment project originally envisioned as a condominium project.
Poe says, “[Land & Houses], along with the FPI management team, demonstrated tremendous knowledge of the asset and its market, making it easy for us to gain immediate approval, secure an accretive 110 over spread, lock at a 3.83% interest rate ahead of the treasury run-up and close the transaction well ahead of schedule.”
For comments, questions or concerns, please contact Dennis Kaiser