Bethesda, Maryland – February 28, 2018
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured a Fannie Mae Green Rewards loan for the acquisition of Las Terrazas, a 230-unit, garden-style, workforce housing apartment community in Dallas, Texas. The transaction was led by John Hinder and Andrew Tapley, both members of the Company’s Multifamily Finance group.
Walker & Dunlop worked closely with Fannie Mae to meet the borrower’s compressed timeline, closing the loan in just over 30 days from the application date. The team also leveraged its deep knowledge of Fannie Mae’s many financing options to achieve a favorable rate for the borrower, identifying the Green Rewards program as the best choice for the transaction. The program provides lower pricing, up to five percent in additional loan proceeds, and free energy and water audit reports to finance green improvements. Loan terms include a 12-year term with two years of interest-only payments, followed by a 30-year amortization schedule.
Mr. Hinder commented, “We were very pleased to earn the opportunity to execute on the acquisition financing for this repeat client when the initial lender was unable to deliver. The terms we were able to deliver will position this property for continued success in the coming years.”
Las Terrazas is located in the Far North Dallas neighborhood, near the Central Expressway and Lyndon B. Johnson Freeway, and just a 20-minute drive away from downtown. The property enjoys convenient access to several local amenities including restaurants, outdoor parks, excellent public schools, and grocery stores. Built in 1968, the property underwent $1.3 million in renovations in 2015 and now exceeds the market’s average occupancy level at nearly 95 percent. Unit offerings include studios, as well as one- and two-bedroom options. Each apartment is fully equipped with patios or balconies, air conditioning, ceiling fans, and utilities expenses are included in rent costs. The pet-friendly community’s amenities include a pool, clubhouse, lighted tennis courts, a playground and picnic area, exercise room, controlled access, and bilingual staff.
Walker & Dunlop is a leader in the multifamily lending space and ranked as the #1 Fannie Mae DUS® Lender in 2017. The Company has also continued to expand its reach within the green housing market; in 2017 Walker & Dunlop quadrupled its total 2016 green originations, closing $6.35 billion in green loans through Fannie Mae, Freddie Mac, and HUD. Learn more about the Company’s ability to lend with green financing:
- $44.7 Million Loan Provided by Walker & Dunlop for Green Adaptive Reuse Project in the Heart of the Chicago Loop
- Walker & Dunlop Provides $82 Million Green Loan for Seniors Housing Community in San Diego
- $33.5 Million Freddie Mac Green Up® Loan Closed by Walker & Dunlop for Multifamily Property in Texas
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.