Bethesda, Maryland – June 1, 2017
Walker & Dunlop, Inc. (NYSE: WD) announced today that it arranged a $43,500,000 refinance loan with Fannie Mae for The Tennyson at Crescent Village, a newly constructed, Class A, townhouse- and loft-style property in Eugene, Oregon.
Led by Colorado-based Ralph Lowen and California-based Steve Natale, Walker & Dunlop’s team obtained approval to provide near-stabilization financing to retire the project’s short-term construction debt. Completed in early 2017, the 263-unit property experienced rapid lease-up and was 80 percent occupied at the time of rate lock. Loan features include a 10-year term and 30-year amortization at 70 percent loan to value. The borrower intends to use the loan proceeds to pay off two existing loans. The property also received a significant spread reduction by qualifying for a Green Building Certification through the Green Globes program.
Mr. Lowen remarked, “There is a significant amount of construction debt in need of permanent financing and we are successfully executing these deals. This transaction is a great example as it required near stabilization approval and green pricing. We are proud to be a part of this deal and thrilled about the outcome for our client.”
Located in Crescent Village, Eugene’s first master-planned urban village, the 35-building apartment complex offers residents one-, two-, and three-bedroom units along with top-of-the-line amenities on-site and easy walkability to both employment and local services. The Tennyson at Crescent Village features a clubhouse with a brew station and a fully-equipped fitness center with on-demand classes, racquetball courts, a swimming pool, and hot tub. Residents will enjoy everything from boutique shops to local restaurants steps outside their front door. Well-known education, employment, and shopping centers including University of Oregon, Costco, Home Depot, and Walmart are within five miles of the property.
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.