Bethesda, Maryland – April 26, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it structured a $5,300,000 loan backed by the Clearwater Apartments, a garden-style rental community in Waukesha, Wisconsin.
Located in the Company’s Milwaukee office, Jeff Schmidt and Tim Cotter led the origination team, which arranged the 15-year, permanent loan shortly following construction completion and property stabilization. The Walker & Dunlop team was able to provide competitive loan terms on the property thanks to positive leasing momentum and sound fundamentals in the submarket. The transaction served to refinance a bank construction loan.
Mr. Schmidt commented, “We are more than pleased that our partnership with lender Mutual of Omaha allowed us to close this deal for our client who did a fantastic job developing and stabilizing this property. Our long-standing relationship and mutual trust meant lower rates and optimal deal terms for the borrower.”
Nestled in a residential neighborhood in southwest Waukesha, Wisconsin, Clearwater Apartments sits on 8.5 acres and is within walking distance to the local high school. The property also enjoys close proximity to River Valley Park, Fox River Park, and the Legend at Merrill Hills resort. Each of the 55 one- and two-bedroom units has 9-foot ceilings, private entrances, spacious floor plans, patios and/or balconies, and some include attached garages. Additional features include designer kitchens with granite countertops, a fitness center, and barbeque stations. The property was constructed in phases, beginning in 2014 and completed in 2015.
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.