AvalonBay secures $185 million to refinance a three-property portfolio, and sees high competition from lenders and very attractive terms.
There is a lot of talk about tightening debt for certain asset classes, but if you are a strong borrow with a class-A asset, the capital stack is your oyster. AvalonBay has secured a $185 million loan to refinance a three-property multifamily portfolio. The borrower saw tremendous competition from potential borrowers and was able to secure favorable terms.
Although the rate was not disclosed, the loans were 10-year fixed rate with full-term interest only.
"This transaction confirms that it remains an excellent time for strong borrowers with quality properties to achieve attractive loan terms from a deep pool of prospective lenders," Kip Kimble, senior vice president of Bellwether Enterprise and the loan's originator, tells GlobeSt.com. "There was competition from many lenders to be awarded this attractive financing opportunity."
