CWCapital, a subsidiary of CW Financial Services and a lender to the multifamily and healthcare real estate industries, has provided $17.8 million for the refinance of Paradise Gardens, a 200-unit multifamily property located in Kihei, Maui, Hawaii.
The 10-year loan was financed through CWCapital's Agency Lending Group and was originated by William Battaglia, vice president in CWCapital's Irvine, Calif., office. The loan was executed through Freddie Mac's Capital Markets Execution Program. CWCapital and Freddie Mac worked collaboratively to develop a refinance strategy for the borrower, who CWCapital reports had a maturing loan on an over-leveraged property.
Paradise Gardens consists of four two-story buildings on 8.53 acres and was constructed in 1990. The property has exhibited strong historical occupancy levels (i.e., over 95%), currently estimated at 93%, and offers a swimming pool, barbecue amenities, a playground and extensive landscaping.