Bethesda, Maryland – June 14, 2017
Walker & Dunlop, Inc.(NYSE: WD) announced today that it structured a $20,510,000 refinance loan with Freddie Mac for Orleans Square Apartments, a Class B, 472-unit, garden-style apartment community in Shreveport, Louisiana. The property was developed as three adjacent, yet separate communities. However, since acquiring the asset, the Borrower has been running the complexes as a single asset.
Walker & Dunlop’s Stuart Wernick and Matt Newton led the origination team in arranging a 10-year, floating rate loan with three years of interest-only payments, followed by a 30-year amortization period. The interest rate was priced in the low three percent range.
Commenting on the transaction, Mr. Wernick said, “We were able to work with Freddie Mac to expedite the closing process and accommodate the previous loan’s maturity timeline. I am pleased that we met our clients’ needs and were able to provide a smooth and seamless close.”
Built in the 1970s and 80s, Orleans Square Apartments consists of 38 two-story apartment buildings. The development has maintained a solid occupancy of over 95 percent, exceeding the current submarket average of 91 percent, despite raising rents in a stable market. Many students are attracted to the property due to its location adjacent to Louisiana State University - Shreveport. Property amenities include three swimming pools and four laundry facilities as well as a clubhouse, playground, and tennis court.
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.