ONTARIO, CA—Walker & Dunlop Inc. has provided $71.3 million in financing for Terracina Apartments. Located in Ontario, Calif. The 736-unit apartment complex, which is 92 percent occupied, was recently purchased by MGGroup.
“Because of the unique nature of this, the borrower required a partner that knew their business and had a strong relationship with Fannie Mae. These relationships are what made this financing possible. We structured the financing to provide maximum marketability and attract a larger investor base for MG Properties Group, a valued client since 1998,” said SVP Bryan Frazier of Walker & Dunlop, in a statement.
MG Properties Group split Terracina Apartments into two identical properties: Terracina Archibald and Terracina Riverside. With the two properties, Walker & Dunlop needed to provide two separate loans, structuring them in order to work with the owner’s long-termgoals.