Bethesda, Maryland – September 21, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it converted a $24 million loan from its proprietary bridge lending program to a $34,100,000 Fannie Mae deal for Ashford Retreat, an apartment community in Marietta, Georgia.
Jeff Lawrence and Matthew Baptiste led the Walker & Dunlop team, securing a 10-year loan with a three-year interestonly period for repeat borrower, The RADCO Companies. The loan was arranged through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM), which offers low-cost financing, option to convert to fixed-rate, and flexible prepayment. RADCO is an established real estate firm with over 8,100 units under management or ownership in the Atlanta area. Since acquiring the asset in 2012, RADCO has lent its regional expertise to the property, invested a substantial amount of capital into improvements at the property, and plans to perform additional improvements, including $1.96 million in post-closing renovations.
Norman Radow, CEO of RADCO, stated “Ashford Retreat’s excellent location near the new Braves stadium has provided RADCO with an opportunity to invest additional capital into the community and still remain the value product in the submarket. Walker & Dunlop’s smooth execution of the conversion from their bridge lending program into Fannie Mae’s SARM product allowed RADCO to react quickly and capitalize on changing market conditions.”
Mr. Lawrence commented, “It was important to RADCO that we expedite this transaction. Given Walker & Dunlop’s existing relationship with RADCO and familiarity with the project, we were able to provide a quality financing solution within 20 days of the application date to fit the timeline of the client.”
Ashford Retreat is less than one mile north of the new home of the Braves, SunTrust Park, which is slated to open in spring 2017. It is also just 15 minutes south of downtown Marietta. The property is a 26-building garden-style apartment complex comprised of 654 units. Amenities include common areas such as picnic and barbeque spaces, fitness and business centers, a lake, pool, playground, and walking trail. The submarket in which the property is located has experienced a large amount of demographic and economic growth in the past few years, thanks in part to nearby employers including Target, Walmart, and Costco.
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.