Bethesda, Maryland – June 26, 2017
Walker & Dunlop, Inc.(NYSE: WD) (the “Company”) announced today that it arranged a $72,608,700 loan with the United States Department of Housing and Urban Development (HUD) for The Berkleigh, a Class A apartment community in Middle River, Maryland.
The Company’s team, led by Managing Director, Dee McClure, utilized HUD’s 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan and mitigates interest rate risk for the developer. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed rate loan with a debt service coverage ratio of 1.176x.
Ms. McClure remarked, “We are so pleased to work on this transaction and provide financing for another outstanding project on behalf of this sponsorship team. Construction financing has become more difficult to secure in the current market, and Walker & Dunlop’s expertise and success with the HUD 221(d)(4) program provides a significant benefit to our borrowers.”
The Berkleigh is part of the Baltimore Crossroads @ 95 master-planned community that straddles White Marsh Boulevard on 1,000 acres of land. When fully built out, the community will be one of the Mid-Atlantic’s largest mixed-use developments and will contain office, flex, and retail space as well as two hotels, over 1,000 single family and townhome units, two apartment communities, and a future site for additional apartments. The Berkleigh will be the second of two Class A communities built in Baltimore Crossroads @ 95. The property will contain two four-story buildings with a total of 317 units and will feature an outdoor pool area, resident lounge and media center, bike storage area, pet spa and walking area, fitness center, and business center.
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.