Walker & Dunlop Arranges $77 Million in Financing for Multifamily Portfolio in Texas
June 22, 2017
Bethesda, Maryland – June 22, 2017
Walker & Dunlop, Inc.(NYSE: WD) announced today that it closed a 962-unit multifamily portfolio totaling $76,883,000 with Fannie Mae. The collateral was backed by three Class A, garden-style properties located in Grand Prairie and Katy, Texas. Doug Hart, vice president in Walker & Dunlop’s multifamily finance group, led the origination team in arranging the debt.
The portfolio contains three Fannie Mae loans, all of which were structured with fixed rates and 10-year terms followed by 30-year amortization periods. The portfolio was refinanced over the course of six months, and the team leveraged its deep understanding of green financing programs to implement Fannie Mae’s Green Rewards program for Cornerstone Ranch. This strategy will provide significant cost savings to the borrower in the form of a reduced interest rate and lower utilities once the required energy saving measures are carried out.
Ed White, managing member of Ed White & Associates, Inc., commented, “Our experience in working with Doug Hart and the entire Walker & Dunlop team has been fantastic. We received professional advice, excellent service, and acceptable permanent financing for our Texas apartment portfolio. We recommend the Walker & Dunlop team wholeheartedly, and look forward to doing additional business in the future.”
Mr. Hart stated, “Despite the Houston market being hit hard with the recent dip in oil prices, Ashley House and Cornerstone have been able to maintain occupancies above 94 percent.” Adding that, “The market in Dallas continues to remain strong, which is reflected in a consistent occupancy at or above 95 percent at Stone Lake. The properties’ success is thanks in large part to the amenity packages offered, alongside competitive rental rates and a talented management group.”
Ashley House is located within Cinco Ranch, an upscale neighborhood, in Katy, Texas. Cornerstone Ranch is just minutes away, adjacent to The Golf Club at Cinco Ranch. Stone Lake Apartment Homes is ideally situated between Dallas and Fort Worth, in Grand Prairie, Texas, and offers lake and golf course views. All three properties are garden-style apartment complexes with upscale amenities including swimming pools, clubhouses, 24-hour fitness centers, playgrounds, business centers, a movie theater at Cornerstone, and an enclosed basketball gymnasium at Ashley House. Stone Lake also includes a spa, dog park, and enclosed garages. The properties are in close proximity to major thoroughfares, retail centers with national tenants, golf courses and other recreational amenities, and schools of all levels.
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.
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