Bethesda, Maryland – October 19, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it closed a $30,250,000 permanent loan with Freddie Mac for Waters at St. James. The property is a Class A, affordable rental community in Goose Creek, South Carolina.
Walker & Dunlop Senior Vice President, Frank Baldasare led the team, which provided the unfunded forward commitment for Atlantic Housing Foundation via Freddie Mac’s Tax Exempt Loan Program and obtained 4 percent tax credits. Through this program, Walker & Dunlop was able to provide faster and more affordable financing than competing lending sources. The terms of the 18-year loan include 30 months forward, a 35-year amortization schedule, and an 85 percent loan-to-value.
Mr. Baldasare commented, “We are pleased to assist Atlantic Housing Foundation in the financing of another quality, affordable apartment development in the Charleston MSA. As a result of our partnership with Freddie Mac, Walker & Dunlop was able to provide the forward commitment in a timely manner to meet the closing constraints imposed by the land seller as well as meet the loan and interest rate expectations of our borrower.”
President and Chief Executive Officer of Atlantic Housing Foundation, Michael Nguyen, stated, “Once again, we looked to Walker & Dunlop for a financing solution for our next development in the Charleston area. Due to the time constraints to close, we decided to utilize the Freddie Mac Tax Exempt Loan Program versus the Short Term Tax Exempt Bond/HUD 221(d)(4) execution. Walker & Dunlop, as a pioneer with the Freddie Mac Tax Exempt Loan Program, was able to timely deliver the forward commitment in a professional and organized process and we could not be more pleased with their performance in allowing us to provide much needed affordable housing to this market.”
Waters at St. James is located approximately 16 miles North of Charleston, South Carolina, where both Volvo and Mercedes Benz plan to construct or expand manufacturing plants, thus creating as many as 20,000 new local jobs through 2017. The rental community will consist of 14 three-story, garden-style apartment buildings with 336 units, 269 of which will operate under the Low Income Housing Tax Credit (LIHTC) program. Unit offerings will include 84 onebedrooms, 168 two-bedrooms, and 84 three-bedrooms. The property will be the newest LIHTC property in the submarket by over 10 years and it will be of a higher quality than most market rate assets in the Goose Creek submarket. Amenities will include a community room, swimming pool, computer center, fitness center, and BBQ area.
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.