Bethesda, Maryland – February 7, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured a $11,700,000 refinance loan for the Supreme Apartment Portfolio, six Class B, garden-style multifamily properties in Wisconsin for Supreme Builders. Constructed between 1988 and 1993, the properties within the portfolio are serviced, well maintained, and kept up to date through consistent capital expenditures.
Walker & Dunlop’s Capital Markets team, led by Matt Ewig, Jeff Robbins, and Luke Erlandson, placed the debt assignment for the 340-unit portfolio. The properties were financed with one of the Company’s correspondent life insurance companies on a pool basis with both 10- and 20-year, fixed rate terms and flexible prepayment structures to meet the borrower’s needs.
Jonny Baierl, on behalf of Supreme Builders, remarked, “We couldn’t be happier with the execution and rates that Matt and his team provided for us, ranging from 3.11 percent to 3.21 percent.” His partner, Bob Baierl, added, “This financing provides us with long term rate protection for a good portion of our portfolio at historically low rates and allows us to focus on future development plans.”
“We are really happy we found a capital source to provide Johnny and Bob the flexibility they required at a phenomenal interest rate,” noted Mr. Ewig. “The team at Supreme Builders has done a nice job reinvesting in these assets and operating them efficiently. It was a pleasure to work with them throughout the refinance process.”
Supreme Apartment Portfolio properties include:Greenfield Park Apartments Greenfield, Wisconsin 48 units 72,000 square feetParkway South Milwaukee, Wisconsin 80 units 92,000 square feetRiver Park Apartments Oconomowoc, Wisconsin 48 units 68,800 square feetOrchard Park Apartments West Allis, Wisconsin 48 units 65,600 square feetCentral Park Apartments West Allis, Wisconsin 68 units 87,480 square feetParkway Central Apartments West Allis, Wisconsin 48 units 52,220 square feet
The portfolio’s current improvements include concrete block walls and footings, brick frame exterior walls, wood truss-framed roofing with composition shingles and paved parking. Each building has boiler-controlled heating systems and its own laundry facilities. Every unit has individual air conditioning and is furnished with a stovetop range, dishwasher, disposal, and refrigerator. The properties feature ample underground parking for 676 vehicles, nearly two cars per unit.
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.