Bethesda, Maryland – November 3, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $37,000,000 loan with Northwestern Mutual for Lane Parke Apartments, a Class A, rental community in Mountain Brook, Alabama.
Walker & Dunlop Managing Director of Multifamily Finance, Will Baker, and Vice President of Capital Markets, Hagan Dick, led the origination team, which arranged the 10-year, full term, interest-only loan for JLL Income Property Trust. Deal terms included a loan-to-value of 50 percent and debt service coverage ratio in excess of 3.0x. The iconic property was originally sold to JLL Income Property Trust via Walker & Dunlop’s Investment Sales team on May 31, 2016 in an all-cash transaction.
Mr. Dick commented, “It was a privilege to work on such a unique and high quality asset with groups as experienced and talented as JLL Income Property Trust and Northwestern Mutual.” He added, “Given the outstanding demographics and high barriers to entry that exist within Mountain Brook, Alabama, we were very pleased with how the market responded to this opportunity.”
Mr. Baker added, “This was an outstanding investment opportunity for JLL Income Property Trust given the recent growth in the Birmingham market. Lane Parke Apartments is well positioned to take advantage of the growth in the University of Alabama at Birmingham market as well as the recent retail developments in the Mountain Brook Village area. This is one of the most ideally located multifamily assets in town, given its walkability to schools, retail, restaurants, and recreational amenities.”
Lane Parke Apartments, built in 2014, is a brand new, upscale apartment community located in the historic and affluent city of Mountain Brook, Alabama. The 276-unit property is the only Class A multifamily property in the area, and is part of the larger Lane Parke development, which includes over 117,000 square feet of high-end retail and the exclusive Bohemian Hotel. Community amenities include a resort-quality saline pool with sundeck and lounging area, a health and wellness center with training studio, a clubhouse, a barbeque area, courtyards with water features, and Wi-Fienabled cafés. Located just one mile east of University of Alabama at Birmingham, the property also offers access to major employers, walking and biking trails, the Birmingham Zoo, and the Birmingham Botanical Gardens. Mountain Brook is a pedestrian-friendly city with abundant green space. The locale also enjoys award-winning public schools; the school system was recently ranked #1 in Alabama and Mountain Brook High School is ranked in the top 100 high schools in the nation.
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.
About JLL Income Property Trust
Jones Lang LaSalle Income Property Trust, Inc. is an institutionally managed, daily valued perpetual life real estate investment trust (REIT) that that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.