Walker & Dunlop Supplies $113M Acquisition Loan for Bay Area Apartments

Acacia Capital has secured $113 million of acquisition financing for the purchase of a multifamily asset in the San Francisco Bay Area, Commercial Observer has learned.

Walker & Dunlop originated the Fannie Mae (FNMA)-backed loan through its DUS platform for the acquisition of 299 Franklin, a 304-unit market-rate apartment community in Redwood City, Calif. Acacia acquired the 2015-built property from Nuveen Real Estate for $184 million.

The debt deal, which closed in 19 days, was led by a W&D multifamily finance team consisting of Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche.

“Our team’s swift and strategic approach allowed us to navigate the competitive landscape effectively, ensuring that we not only met but surpassed our client’s goals,” Burns said in a statement.

Located at 299 Franklin Street between San Francisco and San Jose, the property consists of studio, one-bedroom and two-bedroom apartments. Community amenities include a rooftop deck, a fitness center, a swimming pool, a spa, a business center and electric vehicle charging stations.

Officials at Acacia Capital did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com