Two Multifamily Properties in Florida Receive $65 Million in Financing via Walker & Dunlop
Bethesda, Maryland |
Dec. 31, 2018
Walker & Dunlop, Inc. announced today that it structured loan financing for Coral Pointe at the Forum and East Pointe at Altamonte, two garden-style multifamily apartment communities in Florida. The two transactions were completed on behalf of InvestRes and totaled $65,625,000.
The Walker & Dunlop team was led by Matthew Baldwin and Alison Williams, who both specialize in the origination of debt and structured finance solutions for all commercial real estate classes. The team structured a non-recourse, five-year bridge loan for the acquisition of Coral Pointe at the Forum, delivering the best possible debt terms while tracking the newly-built asset through lease-up. For East Pointe at Altamonte, the team secured an attractive, non-recourse, ten-year permanent refinance loan that included five years of interest-only payments. The attractive terms resulted in a significant value-return to the borrower’s investors.
“We are pleased to partner with Walker & Dunlop as we continue expanding into the Florida market and beyond. Both transactions are a great reminder of why it is important to work with a best-in-class team of professionals, and we look forward to building on this successful relationship,” stated Bernardo Tannenbaum, Associate at InvestRes.
Located in Fort Myers, Coral Pointe at the Forum offers competitive market rents and has experienced rapid lease-up absorption. In addition to its newly-built and market-leading apartment units, residents have access to a club room, resort-style deck area, heated pool, grills, gazebos, outdoor bar area, oversized fitness center, and dog-friendly parks.
East Pointe at Altamonte is a 354-unit community in Altamonte Springs. The property was purchased as two separate assets in August 2017, and the owners have invested significant capital while streamlining management over the first year of ownership. On-site, residents have access to new unit upgrades and amenities, including a 24-hour fitness center, resort-style swimming pools, community gardens, bark parks, playgrounds, and picnic areas. The property is also located near Uptown Altamonte shopping and entertainment district.
Both communities benefit from Florida’s statewide growth and strong economic performance. Due to its robust economy, favorable tax environment, mild weather, and overall high quality of life, migration into Florida continues to increase. The state’s population grew 17.7 percent from 2000 to 2010 and is expected to grow another 7.1 percent, approaching 22 million people by 2021.
Walker & Dunlop is a leader in the commercial real estate finance space and has been included in Fortune Magazine’s Fastest-Growing Companies List for two consecutive years. The Fortune rankings are based on three-year growth in revenues, earnings per share, and total shareholder return. The rapid growth of the company’s Capital Markets group contributes to this ranking; with $5.7 billion in brokered loan originations through the third quarter of 2018, an 11 percent increase compared to the same period in 2017. To learn more about Walker & Dunlop’s diverse array of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
InvestRes is a vertically integrated company, managing acquisitions, property management, construction management, and portfolio management in-house. Since 2010, InvestRes has acquired over 17,000 apartment homes throughout Florida, Texas, Arizona, and Colorado. InvestRes will continue to opportunistically purchase and redevelop multifamily properties in targeted markets in 2019.
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