SAN JOSE, CALIF. — Walker & Dunlop has originated $138.93 million in Freddie Mac funds for the refinancing of a San Jose apartment community. Elan at River Oaks is a 941-unit community that also contains 23,000 square feet of commercial space. The undisclosed borrower recently completed a $15 million renovation of the property that included unit upgrades, a clubhouse renovation, elevator upgrades, new exterior paint and a fountain upgrade.
The borrower plans to use the proceeds to retire $120 million in existing debt. Verne Murray, III, and Jeff Burns led the Walker & Dunlop team that originated the loan.
Last year, Walker & Dunlop also arranged a $151 million Freddie Mac loan for Ritz Plaza, a 43-story residential tower located in New York City's Times Square.
— Coleman Wood