Bethesda, Maryland – April 20, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that Jay Thomas, managing director, originated a $55,400,000 interim loan for 8000 Uptown Apartments, a recently constructed Class A multifamily complex in Broomfield, Colorado.
The transaction was funded through Walker & Dunlop’s interim loan program, which uses the Company’s own balance sheet to finance short-term loans backed by multifamily properties. It is structured as an 18-month, floating rate loan with fullterm, interest-only payments. The purpose of the transaction was to pay off the existing construction loan and stabilize the occupancy of the property prior to placing permanent agency financing. The borrower is The Wolff Company, a major client of Walker & Dunlop's, for which the firm has arranged 50 multifamily loans totaling approximately $760 million, since 2007.
Mr. Thomas, stated “8000 Uptown marks the third interim loan that Walker & Dunlop has closed with The Wolff Company, all of which have provided bridge financing while the client’s properties achieve stabilized occupancy after construction completion. The flexible prepayment structure allows our client to seamlessly convert to permanent financing at stabilization with no prepayment costs. We are very proud of our relationship with such a well-respected firm as The Wolff Company and are happy we could assist in their interim financing needs for 8000 Uptown.”
The property opened in August 2015 and contains 360 units that are a mix of one-, two- and threebedroom apartments. 8000 Uptown offers tenants an upgraded interior that includes stainless steel appliances, quartz countertops in kitchens and baths, and hardwood vinyl plank flooring. Project amenities include a swimming pool, spa, fitness center, outdoor grilling area, resident lounge, coffee bar, and beer tap.
8000 Uptown is located near 1stBank Center in a neighborhood comprised mainly of commercial and residential properties and some vacant land. Broomfield, Colorado is located 18 miles northwest of the Denver Central Business District and provides residents with easy access to Downtown Denver and Boulder.
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.