CASE STUDIES

Aqua Via Apartments

Loan Amount: $34,000,000 Closed: 4th Quarter 2006 Location: 125 Second Street Oakland, California
	Client: Embarcadero Pacific Company
	Property: An 8-story, 104-unit apartment building with condominium map located in the Jack London Square District of Oakland
	Assignment: Arrange permanent, fixed-rate financing to retire construction loan
	Challenges: Property not fully stabilized Loan request required underwriting to 1.05 debt service coverage at an interest-only constant on in-place rental income “Cash out” of equity
	Results: $34,000,000 (75% LTV) Term: 10 years Amortization: Interest only for 5 years; 30-year amortization thereafter Prepayment: Defeasance Liability: Non-recourse