Regency Capital Partners

Meadow Wood Apartments


Meadow Wood Apartments

Summary

Regency Capital Partners (“RCP”) arranged the refinancing for this 498-unit, Class B, apartment complex in Reno, Nevada. The property was purchased as part of a multi-building, 704-unit condo conversion. As the condo market began to soften, the client decided to put permanent financing on this piece of the portfolio and reduce their condominium exposure. Since significant condo-upgrade money was spent, the debt coverage to take-out the allocated conversion loan was low; nonetheless, RCP was able to attain 80% LTV, 10-year fixed rate, non-recourse, balance sheet debt from a large domestic bank. With an interest rate fixed under 5.50%, and a DSCR of 1.05x, the client was able to borrow enough money to retire their debt and execute their remaining business plan.


Transaction Details

LOAN AMOUNT $31,800,000
FINANCING TYPE Permanent
LENDER TYPE Domestic Bank
PROPERTY TYPE Multifamily
PROPERTY ADDRESS
Map
6200 Meadowood Mall Circle
Reno, NV
PROPERTY DESCRIPTION A 498-unit, Class B, multi-building apartment complex in Reno, Nevada.