Addison at Wyndham Apartments – Glen Allen, VA

February 22, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $30,850,000 for the refinance of Addison at Wyndham Apartments. The loan is for a ten year term with interest only payments for the term of the loan. The 5.75% fixed rate loan is based on a 77% loan-to-value with debt service coverage of 1.26. The loan is structured with prepayment at 1% for the first half of the final year of the loan term, and prepayment at par for the last six months. Replacement Reserves are capped at two years’ worth. Union Capital has financed more than $410,000,000 for the repeat Borrower, who has significant experience in investment real estate.

Addison at Wyndham is a Class A apartment complex that was completed in 1998. The complex consists of 312 units contained in fourteen two- and three-story residential buildings on 21.7 well-landscaped acres overlooking a lake at the north end of the property. The property amenities include a large swimming pool plaza, a fitness center, a clubhouse, a tot lot, sand volleyball court, three picnic areas and 63 remotely operated garages are available. There are three floor plans, with 41% one bedroom, one-bath units; 47% two-bedroom, two bath units, and 12% three bedroom, two bath units. Units average 942 square feet. The individual units have nine-foot ceilings and vaulted ceilings on the third floor. Kitchens are equipped with frost-free refrigerators with icemakers, dishwashers, disposals, and self-cleaning ovens. All units have patios or balconies and hook-ups for full sized washers and dryers. Fireplaces are available in some units. Addison at Wyndham is located 1 mile north of I-295, giving residents direct access to I-295, I-95, and I-64, providing easy commutes to downtown and the West End office markets. Contract rents range from $705 to $1,245 and average $895.55. Occupancy is 99%.