Multi-state Multifamily Portfolio Refinanced With $345M From Wells Fargo
Wells Fargo’s Multifamily Capital group just closed a pool of Fannie Mae loans totaling $344.8 million, Commercial Observer Finance has learned.
AVR Realty Company, a Yonkers, N.Y.-based national developer, refinanced 15 Class A apartment properties located in Louisiana, South Carolina, Georgia and New York.
The 10-year loan has an interest rate of 3.58 percent and a loan-to-value ratio of 65 percent, according to a spokesperson for Wells Fargo. The loan is interest-only for the entire term.
“AVR Realty is an important, long-term client of Wells Fargo and has been a client of the bank since 2003,” said Brian Manion, a managing director in the bank’s multifamily capital group, in comments provided by Wells Fargo. “AVR was looking to refinance a portion of its multifamily portfolio into longer term, interest-only financing.”
The smallest loan was $13.4 million, while the largest was $89.1 million. The average loan size in the pool was $23 million.
“It was a pleasure working with the Wells Fargo team led by Brian Manion,” said Lily Ann Marden, director of finance for AVR Realty Company, in the prepared comments. “AVR was able to lock-in a very favorable interest rate. All 15 loans closed on time and at the full loan amounts. AVR is looking forward to doing more financings with the Wells Fargo team.”