|Dealmaker of the Day|
Walker & Dunlop, Bethesda, Md., provided $97.9 million in financing for six multifamily properties in Florida, Georgia, Kentucky and Louisiana.
Senior Vice President Stephen Farnsworth led the Walker & Dunlop team on the transactions, which total 1,708 apartment units across six cities.
The firm structured a 10-year loan with two years interest-only followed by a 30-year amortization period for borrower Pollack Shores Real Estate Group, Atlanta, to acquire Polo Glen Apartments in Rockledge, Fla. The 75 percent loan-to-value loan has a 1.60x debt-service coverage ratio.
Borrower Cortland Partners, Atlanta, refinanced Springdale Glen Apartments in Clarkston, Ga. and Sinclair Apartment Homes in Norcross, Ga. The loan for Springdale Glen has a 10-year term and a 30-year amortization period. The loan for Sinclair Apartments via Freddie Mac’s Capped Adjustable Rate Mortgage program has a seven-year term with 30-year amortization. Farnsworth said Cortland Partners purchased the properties in 2010 and 2011 and has since invested more than $6 million for interior and exterior renovations.
The Fannie Mae acquisition loan for Park Place Apartments in Louisville, Ky. has a 10-year term with one year interest-only followed by a 30-year amortization period. Farnsworth said Walker & Dunlop closed this transaction less than 30 days after receiving the signed application from borrower Priderock Capital Partners, West Palm Beach, Fla.
Walker & Dunlop also provided $27.4 million in financing for three apartment properties near Joint Base Lewis McChord in Washington State, with Senior Vice President Allan Edelson leading the Walker & Dunlop team. The properties have military concentrations ranging from 20 percent to more than 60 percent.
The financing for Miramonte Apartments in Tacoma, Wash. has a 10-year term with three years interest- only followed by a 30-year amortization period under Freddie Mac’s Capital Markets Execution program.
The Fannie Mae refinance loan for Arbor Pointe Apartments in Lakewood, Wash., has a 10-year term with two years interest-only followed by a 30-year amortization period, while the refinance for Crown Pointe Apartments, also in Lakewood, has a 10-year term with three years interest- only followed by a 30-year amortization period under Freddie Mac’s CME program.