Bethesda, Maryland – December 7, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it structured a $23,075,000 bridge loan for The Views at Coolray Field, a Class A, multifamily apartment building adjacent to Coolray Field, home of the Gwinnett Braves, in Lawrenceville, Georgia. Walker & Dunlop’s Investment Sales platform facilitated the sale of The Views at Coolray Field by Brand Properties to Starlight U.S. Multi-Family Core Fund (“Starlight”).
Walker & Dunlop’s Capital Markets team worked with Starlight for the debt placement assignment, which procured a three-year, floating rate, interest-only loan with one of its life insurance company relationships. This property presented challenges during acquisition due to the lack of operating history and the uniqueness of the asset. However, Walker & Dunlop and Starlight, an experienced owner and operator based in Canada, were able to secure the loan efficiently and with a desirable interest rate spread. This transaction reflects an ongoing trend of international borrowers investing in U.S. real estate markets with the intention of growing their multifamily asset holdings in a stable economic environment.
David Gahagan, senior vice president in the Capital Markets group, led Walker & Dunlop’s team throughout this transaction. He commented, “Walker & Dunlop Investment Sales and the Capital Markets team delivered a home run for Starlight in its acquisition of The Views at Coolray Field. The synergies and complements between our debt and investment sales teams allow us to offer our clients the best possible service and a financing solution that works for them.”
The Views at Coolray Field commands the highest rents in this submarket with high-end amenities and a prime location. The apartment building sits on the right fence line overlooking the home field for the Atlanta Braves’ AAA affiliate minor league team, the Gwinnett Braves. This five-story property consists of 206 units and provides residents with an impressive list of amenities including a skybox with game tables for viewing Coolray Field, state-of-the-art fitness center, saltwater infinity pool with a wet deck, and courtyard lounge. The property is located in a neighborhood that offers exceptional views, shopping, and fine dining.
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.