Walker & Dunlop Arranges $70M Financing for East Bay Apartment Duo
Multifamily financing firm Walker & Dunlop has completed $70 million in financing across two apartment communities in San Ramon, CA. Led by Jeff Kearns, Walker & Dunlop arranged the financing on behalf of a California-based, privately held real estate investment company.
The properties are:
-Falcon Bridge at Gale Ranch (pictured), a Class-A, 256 unit complex located on Copperset Road. The W&D team secured a $47 million non-recourse loan with a 10-year fixed rate provided by a commercial bank.
-Valencia at Gale Ranch, a Class-A, 186-unit complex located on Goldenbay Avenue. The W&D team arranged a $23 million non-recourse, fully-amortized loan with a 10-year fixed rate. This community has affordability restrictions, with 44% of the units reserved for households under 80% AMI.
“As incomes fail to keep up with rent increases and the supply of affordable options remain limited, demand continues to increase. We are confident that this community will provide high-quality living for working families in this growing market,” said Kearns.