ValueXpress has arranged a $16,810,000 CMBS conduit loan for the refinance of two apartment buildings located in West Des Moines, Iowa. The purpose of the loan was to buy out a partner. In addition, ValueXpress orchestrated the prepayment of the prior CMBS conduit loan through a defeasance process.
The first property, Jordan Creek Apartments, is a rental apartment complex located at 2168 Grand Avenue in West Des Moines, Iowa. Built in 1985, this complex is comprised of seven three-story apartment buildings housing 222 rental apartments. The property, located in Polk County, is approximately eight miles west of the Des Moines central business district. More specifically, the subject site is bordered by South 19th Street to the east and Grand Avenue to the west, north of Fuller Road.
The second property, known as Westwood Apartments, is a rental apartment complex located at 238 52nd Street in West Des Moines, Iowa. Built in 1985, this complex is comprised of four three-story apartment buildings housing 132 rental apartments and 1 leasing office. The subject property, also in Polk County, is located approximately 10 miles west of the Des Moines central business district. More specifically, the subject site is bordered by Ep True Parkway to the north, 58th Street to the east and Interstate 35 to the west.
“I provided the prior CMBS loan about eight years ago,” commented Gary Unkel, Senior Loan Originator at ValueXpress. “The sponsor had received a competing quote at a slightly better rate, but he elected to go with ValueXpress because he knew we would get the deal done. And we did.”