Walker & Dunlop, Inc. announced today that it completed the sale and financing for The Moretti at Vulcan Park. The 135-unit property is a Class A, luxury apartment community located in the Homewood neighborhood of Birmingham, Alabama.
Walker & Dunlop's financing team comprised Managing Directors Stephen West and Matt Wallach, as well as Senior Managing Director Will Baker. Leveraging their deep understanding of GSE lending programs, the team secured a ten-year Freddie Mac loan with five years of interest-only payments and an attractive, fixed rate. The financing assignment was completed on behalf of ApexOne Investment Partners, who acquired the multifamily property from Raia Capital Management via Walker & Dunlop's property sales team, comprised of Managing Directors Kris Mikkelsen and Telly Fathaly.
Said Mr. West, "We're pleased to have executed both the sale and acquisition financing for The Moretti at Vulcan Park in the face of significant logistical challenges created by the
"We're excited to announce the addition of Moretti to our portfolio. The property fits perfectly within our strategy of purchasing high quality assets with the opportunity to increase value over time by improving common areas and interior units," commented Tim Burns, Partner and Chief Investment Officer of ApexOne Investment Partners. "We are further pleased to complete this acquisition during the midst of the COVID-19 pandemic, showing the capability of our team to execute when markets are difficult and opportunities are presented. The Walker & Dunlop teams were integral to the execution of this transaction."
Located in one of Birmingham's most highly sought single family neighborhoods, The Moretti at Vulcan Park is within walking distance to downtown Homewood, a lively and upscale boutique shopping and dining destination. The property is one of only two multifamily communities to deliver in Homewood within the last 20 years and is proximate to Birmingham's top neighborhoods, schools, lifestyle amenities, and employment centers. Built in 2014, The Moretti features a premium amenity package, high-end in-unit finishes and fixtures, and ample parking.
Walker & Dunlop is a top-ranked multifamily lender; the firm was the largest Fannie Mae DUS® multifamily lender and the 3rd largest Freddie Mac Optigo® multifamily lender by volume in 2019. The company has also achieved dramatic growth in its property sales group, with $5.4 billion in sales volume completed in 2019.
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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 850+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.