Bethesda, Maryland – June 15, 2017
Walker & Dunlop, Inc.(NYSE: WD) (the “Company”) announced today that it structured a $37,900,000 sale and $28,425,000 Freddie Mac acquisition loan for Carrington Square, a multifamily community in Pooler, Georgia. The property’s name was changed post-sale to Olympus Carrington at Savannah Quarters (referred to herein as “Carrington”).
The Walker & Dunlop Investment Sales team was led by Kris Mikkelsen, Rob Coleman, and Eli Chester, who arranged the sale from The Shoptaw Group to Olympus Properties in April 2017. Managing Director, Craig West, and Senior Vice President, Kevin Walsh, of the Company’s Multifamily Finance group arranged the conventional Freddie Mac financing, providing the sponsor with a streamlined, full-service investment experience.
The loan was structured with a 10-year, fixed rate term and five years of interest-only payments, followed by a 30-year amortization term. After the acquisition, the borrower plans to reinvest $1 million into the asset. Renovations and rehabilitation to the property will include interior upgrades to lighting, fixtures, resurfacing of countertops, various landscaping and signage enhancements, and improved community area amenities.
Walker & Dunlop’s Craig West stated, “This was an outstanding investment opportunity for Olympus, who has significant experience in the Savannah market and a proven track record of improving local properties. It was a privilege to work with a group as experienced and talented as Olympus.”
Mr. Coleman also added, “The sale and acquisition financing of Carrington reflects an industry trend of private capital gravitating towards high-growth secondary markets. The property is well-positioned to take advantage of the Greater Savannah MSA’s growth; it is one of the most ideally located multifamily assets in the Pooler submarket, given its walkability to current and future amenities such as schools, retail, restaurants, and recreational parks.”
Located in the upscale, master-planned community of Savannah Quarters, Carrington is just 10 miles west of Savannah, Georgia. The property enjoys scenic bay views and convenient access to area attractions such as the Mighty Eighth Air Force Museum, golf clubs, water parks, high-end shopping, and wildlife preserves. The garden-style property sits on 15 acres and was built in 2007. Its 288 units have maintained a consistently low vacancy rate of 2.08 percent, which is expected to remain steady thanks to the submarket’s projected growth rate of 2.76 percent over the next five years. Additional property features include a resort-style pool and sundeck, clubhouse, state-of-the-art fitness facility, barbecue, picnic, and playground areas, a pet park, and outdoor entertainment venues.
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.