Bethesda, Maryland – July 20, 2017
Walker & Dunlop, Inc.(NYSE: WD) (the “Company”) announced today that it provided a $33,830,000 commitment under the Freddie Mac Tax Exempt Loan (TEL) Unfunded Forward Program for the permanent financing of Campus Oaks Phase I, an affordable, garden-style apartment community in Roseville, California.
Senior Vice Presidents, Frank Baldasare and Carolyn McMullen led the origination team, which arranged the TEL forward commitment for construction financing upon completion and stabilization of the property.
The Freddie Mac TEL Unfunded Forward Program allows borrowers to lock in interest rates for permanent debt at the same time the construction loan closes. Walker & Dunlop leveraged the program to provide faster and more affordable financing than competing lending sources.
Scott Canel of The Canel Companies commented, “Complex and innovative TEL transactions require an experienced, sophisticated, and dedicated team. In this regard, we have found no better team than that of Frank Baldasare and Carolyn McMullen, and the entire Walker & Dunlop team. Frank and Carolyn gave us a level of customer service, creativity, and just pure skill that goes beyond anything that we have ever experienced with any lender.”
Mr. Baldasare stated, “Carolyn and I were pleased to assist Scott Canel and his team in the financing of quality, affordable housing in Roseville. Scott’s capabilities and expertise in a complex transaction combined with our partnership with Freddie Mac, enabled Walker & Dunlop to provide the forward commitment to move the project along.”
The property is located on the site known as the Hewlett-Packard Campus Oaks Master Plan, located within the North Industrial Planning Area. The property is the first of a two-phase multifamily development that will include a total of 395 units and will bring much-needed affordable housing to Roseville. Once constructed, Campus Oaks Phase I will consist of 20 three-story apartment buildings, featuring 186 units, and a two-story clubhouse. Common area amenities will include a swimming pool, cabanas, spa, barbeque station, fire pits, bicycle repair station, beach volleyball court, and bocce courts.
From 2011 to 2016, Walker & Dunlop has closed over $2.7 billion in affordable housing financing across the United States. To learn more about the Company’s affordable financing capabilities, please view additional press releases focused on similar properties:
- Affordable Multifamily Property Receives $7 Million in Financing via Walker & Dunlop
- Washington D.C. Renters Benefit from Increase in Affordable and Green Housing Options
- Walker & Dunlop Finances Large Affordable Housing Portfolio
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.