Bethesda, Maryland – March 7, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured a $20,832,000 loan for Centennial Crossing at Lenox Place, a Class B, garden-style rental community in Goodlettsville, Tennessee.
Walker & Dunlop recently placed first in Fannie Mae’s Delegated Underwriter-Servicer® Green Financing rankings, closing 27 green transactions in the amount of $933,735,000 with the enterprise in 2016. The Company worked closely with repeat-sponsor M3 Multifamily and used its extensive experience in green lending to ensure the property qualified for an early rate lock and a low interest rate with Fannie Mae’s Green Rewards program.
Senior Vice President, Tom Toland, led the origination team, which arranged the ten-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule. Loan terms also included a debt service coverage ratio of 1.37x and an interest rate of 4.30 percent. Mr. Toland commented, “The property’s unique Tenants in Common borrower structure presented an additional challenge for the team, but with our deep understanding of the green space, we were able to navigate the intricacies of the transaction and provide the sponsor with favorable loan terms. We are pleased that M3 trusted us to take on this project and chose Walker & Dunlop to help them bring the property up to green standards.”
Centennial Crossing at Lenox Place is a 264-unit property located just minutes from U.S. Route 65, and 15 miles northeast of downtown Nashville, Tennessee. Given its affordable rents and close proximity to the central business district, the submarket is a popular area for young professionals that enjoys low vacancy and an annual rent growth of 8.8 percent. Nearby are several attractions and recreation areas, such as the Rivergate Plaza shopping mall, Twelve Stones Golf Club, Riverside Golf Center, Moss-Wright Park, and numerous access points to Cumberland River. The property features upscale amenities comprising a pool, new fitness center, business center with conference room, game room and clubhouse with Wi-Fi, pet care area, walking path, and gated entry. Units include walk-in closets, built-ins, cable-ready access, and optional vaulted ceilings. Within the first three years of ownership, the sponsor plans to make $2 million in renovations consisting of new stainless steel kitchen appliances, cabinets, countertops, flooring, fixture, and upgrades to each unit’s bathroom.
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.