Bethesda, Maryland – April 8, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it closed a $24,230,700 loan for Vintage Emory Road, a to-be-built, Class A apartment complex in Powell, Tennessee.
This project utilized HUD’s 221(d)(4) new construction financing that includes both construction and permanent financing in one loan. There is an initial two year construction period, followed by a forty year fixed rate term, which eliminates any interest rate risk for the developer up front. Based out of Walker & Dunlop’s Nashville office, Managing Directors, Keith Melton and David Strange led the Walker & Dunlop team. Mr. Melton stated, “Vintage Emory Road is located in a growing dynamic area that should result in a very successful project for TDK, the developers of the property.”
President of TDK Construction, Kent Ayer, stated, “We are excited about engaging in another 221(d)(4) project with Walker & Dunlop as our partner. Keith and David were able to secure an incredible 40 year rate on an emerging submarket of Knoxville. TDK truly appreciates Walker & Dunlop navigating us through the HUD process.”
Vintage Emory Road will consist of 220 garden-style apartment units situated on a spacious 16.83-acre site located on Emory Road, in Powell, Tennessee, a suburb of Knoxville. The property will have eight, three-story residential buildings, two, two-story carriage buildings, and will feature a clubhouse, resort style pool with raised deck, outdoor entertainment area, fitness center, courtyards, pet park, and a gated entrance. Vintage Emory Road will be one of only a few Class A multifamily developments in the North Knoxville/Powell area of Knox County, Tennessee. It is only four miles from Interstate 75, one of the main arteries feeding downtown Knoxville. Current growth in the market includes increased occupancy levels, population rates, employment, and overall demand for rental housing.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.