Bethesda, Maryland – August 18, 2016
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today it structured a $54,280,000 Fannie Mae loan to refinance The Esplanade at National Harbor, a 262-unit, Class-A apartment community located in National Harbor, just south of Washington, D.C.
The 10-year, refinance loan term includes five years interest-only followed by a 30-year amortization schedule. The property’s Leadership in Energy and Environmental Design (LEED) Certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower to receive lower pricing. Fannie Mae’s flexibility to rate-lock and close on one month of stabilized collections allowed the borrower to close at the earliest date possible.
Based out of the Company’s Bethesda office, Dan Martin, senior vice president, and Brendan Coleman, managing director, led the Walker & Dunlop team. Dan noted, “This loan was a first for both parties, it was the first ‘Green’ Fannie Mae loan for Walker & Dunlop and it was The Peterson Companies’ first loan with Fannie Mae. The ‘Green’ program for LEED certified assets provided the sponsor with a significant pricing advantage relative to other similarly leveraged assets.”
The property is situated within National Harbor, the Peterson Companies’ flagship master-planned development across the Potomac River from Alexandria, Virginia and just south of the Capital Beltway (I-495). The notable community is anchored by the Gaylord National Resort and Convention Center and features five additional hotels, 150 diverse shops, and over 30 dining locations. National Harbor is also the site of the Tanger Outlet Mall and the forthcoming MGM Casino National Harbor, the D.C. area’s first world-class destination resort casino. Amenities include an active courtyard area, a resort-style pool, a fitness center with premium equipment, virtual golf, and walkable access to the Potomac River waterfront. The Esplanade’s incredible amenities, unbeatable views, and highly coveted position make it the premier living destination.
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.