Bethesda, Maryland – October 11, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it rate locked a $116,000,000 Fannie Mae Green Rewards loan on a shortened trading day, in just over three hours from issuance of the application. The debt was provided to refinance The Heights Luxury Apartments, a Class A multifamily property in Los Angeles, California.
Thanks to its close relationship with RW Selby & Co. (the “Borrower”), Walker & Dunlop’s team was able to begin the due diligence process ahead of time, proactively completing the appropriate inspections, third party reports, and Fannie Mae High Performance Building Report. The team, led by Managing Director Trevor Fase, was therefore in a position to rate lock at the optimal time for the Borrower. When a short-term drop in the treasury occurred the day before a holiday weekend, the team quickly leveraged the Fannie Mae Streamlined Rate Lock (“SRL”) execution to lock the interest rate on an unprecedented timeline.
Mr. Fase commented, “When I received a 5:30 a.m. call requesting to rate lock The Heights before 11:00 a.m., I knew we were in a position to deliver, but that we had little room for error.” He added, “The team’s diligent and proactive work, coupled with our strong, trusting relationship with both the Borrower and Fannie Mae, allowed us to complete the application to rate lock process in record time. The quick work resulted in a superior rate for the Borrower.”
Jeff Mazzarella, Principal with RW Selby & Co., added, “We couldn’t have asked for better customer service on the Heights refinance. Not only did the team at Walker & Dunlop make the lightning-fast rate lock a seamless process, but they identified additional cost-savings opportunities by implementing the Fannie Mae Green Rewards program.”
The Heights Luxury Apartments enjoys skyline views of Los Angeles and the surrounding neighborhood. The property is centrally located in West Los Angeles, adjacent to Playa Vista and the emerging Silicon Beach corridor to the West, and Culver City to the North. Additionally, the property lies within 2.5 miles of the future LA Rams Stadium and 1.5 miles from a future light rail metro station. The 582-unit, garden-style community consists of one- and two-bedroom apartments. All units feature private patios or balconies, top floor units feature vaulted ceilings and select top floor units include a loft with a private rooftop patio. Community amenities include a state-of-the-art fitness center, two resort-style pools and spas, clubhouse, full-size recreation room, movie theater, library, and business center. Following implementation of changes required by the Green Rewards program, the property is projected to achieve a 22.5 percent reduction in water usage, and increased efficiencies in its utilities.
“We are so pleased to have met this extraordinary turnaround time for one of our repeat sponsors and top lender partners in financing this property through our Green Rewards product. Not only did we provide certainty of execution, but we also are helping to improve the property’s water efficiency and its long-term viability,” said Hilary Provinse, Senior Vice President, Multifamily Customer Engagement, Fannie Mae.
Walker & Dunlop is an active and experienced green lender; in the first half of 2017, the Company has nearly tripled its 2016 originations, closing $3.8 billion in green loans through Fannie Mae and Freddie Mac. Further, the Company ranked as the #1 2016 DUS® Green Financing Lender for Fannie Mae, completed $1.4 billion in green financing in 2016, and acted as the DUS® lender for the Agency’s 500th Green multifamily finance transaction in 2017.
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.
About R.W. Selby & Co.
R. W. Selby & Co., Inc. is a vertically integrated, privately held investment company, with four decades of experience in all phases of multifamily rental real estate, including the proprietary identification, acquisition, construction, renovation, management, and disposition of properties totaling over $2 billion in Southern California and Las Vegas, Nevada, where it currently owns and manages in excess of 4,000 apartment units.