June 27, 2018
Walker & Dunlop announced that it recently structured $392,384,000 in green financing for three multifamily properties in southern California. The Medici and The Orsini I, two Class A multifamily communities in downtown Los Angeles, California, were financed through $233,587,000 in Freddie Mac Green Up loans. The third transaction in the portfolio, The Colony Townhomes, was completed on a compressed timeline through Fannie Mae's Green Rewards program, rate locking in 14 days and closing in 32 days. The 752-unit garden-style community located in Santa Clarita, California received $158,797,000 in financing. Led by Trevor Fase, Walker & Dunlop's team worked quickly to refinance the existing loans on the properties, all of which are owned and were originally developed by the borrower, G.H. Palmer Associates. Each transaction provided cash out to the borrower and was structured as a ten-year, non-recourse loan with interest-only for the entire term.