Bethesda, Maryland – June 20, 2017
Walker & Dunlop, Inc.(NYSE: WD) announced today that it structured a $6,893,000 loan for William Booth Towers, a project-based Section 8 and age-restricted rental community in Orlando, Florida. Senior Vice President, Jeff Kearns, led the Walker & Dunlop origination team, which utilized the United States Department of Housing and Urban Development (“HUD”) 223(f) program to refinance the property’s existing HUD 202 loan.
The refinance reduced the property owner’s interest rate by three percent and generated proceeds which will be utilized to perform a $3.5 million rehabilitation of the property. Renovations will include interior cabinetry upgrades, exterior painting, an upgraded building security system, and accessibility improvements. The loan included a 35-year, fixed rate term.
Mr. Kearns commented, “We were pleased to be a part of the William Booth Towers transaction, which will further enhance the what is already a superior age- and income-restricted property in the Orlando market. The property has been in excellent condition throughout its life, and the owner will be well-positioned to ensure long-term viability of the property.”
Built in 1980, William Booth Towers is one of the premier subsidized assets in the Orlando, Florida market serving residents aged 62 and above. The 15-story, 168-unit multifamily community is located just west of the central business district, in a residential neighborhood. Nearby attractions include the Bob Carr Theater, East End Market, Harry P. Leu Historic Gardens, restaurants, and additional nightlife. The property is consistently well-occupied and has a waitlist of over 200 qualified households. All units are one-bedroom and some are handicap-accessible. Additional property features include a recreation room, craft and exercise classes, a community garden, and a passenger bus.
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.