Bethesda, Maryland – September 28, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it converted Park Colony, a former $32 million loan in its Freddie Mac portfolio, to a $39,007,050 Capital Markets execution with an existing life company relationship.
David Gahagan, senior vice president, led the Fort Lauderdalebased team. The deal was structured as a 15-year, fixed-rate loan with a 30-year amortization schedule and 75 percent loanto-value. The transaction provided the borrower with a strategic opportunity to cash out, while creating long-term appreciation and interest savings in a market with steady rental rate growth.
Mr. Gahagan commented, “As our fifth loan with the borrower, we were happy to have an opportunity to strengthen our relationship. We worked to provide the best financial solution for their needs, and foresee a successful outcome in Park Colony.”
Park Colony, is a Class A, multifamily apartment community in Hollywood, Florida. The property consists of 15 buildings and features a clubhouse, tennis courts, two pools, a spa, and a fitness center. The 316-units include balcony and patio options and are all pet-friendly. The asset has experienced numerous improvements since 2005, including landscaping and renovations to community amenities and unit interiors. Situated along Park Road, Park Colony enjoys a strategic location in the Hollywood, Florida submarket. Hollywood Boulevard, Interstate 95, Florida’s Turnpike, and Interstate 595 are just a few miles away, providing easy access to the nearby BB&T Center, Sun Life Stadium, and the Fort Lauderdale International Airport. Additional area attractions include Fort Lauderdale’s Port Everglades, Hollywood Beach, Golden Beach, the Hollywood Beach Boardwalk, Hillcrest Country Club, Orangebrook Country Club, and several shopping centers, and casinos.
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.