Walker & Dunlop, Inc. announced today that it structured a $59,812,000 capital stack, including equity and financing for the construction of Green|House, a unique, personal improvement-oriented community being developed by Kaufman Development. Located in Columbus, Ohio’s trendy Short North Arts District, the seven-story mixed-use project will feature 158 apartment units, 3,700 square feet of retail space.
Generally regarded as one of the most vibrant mixed-use districts in the country, the Short North is situated directly north of downtown Columbus and directly south of The Ohio State University’s main campus. Anchored by High Street, the Short North is home to some of Columbus’ best restaurants, bars, and boutique retailers.
The capital stack was arranged by Jeff Morris, Chad Kiner and A.J. Mangan, of Walker & Dunlop’s Ohio Capital Markets group. The team secured the debt through a leading regional bank and identified a national insurance company as the ideal equity partner. The financing includes an attractive fixed rate and a declining prepayment schedule for the three-year term.
“We were honored to play a part in bringing this transformative development to life. Our longtime client, Kaufman Development, is one of the most innovative players in Central Ohio and is bringing a truly differentiated product to the Columbus market,” Mr. Morris commented. “The property will be well positioned to capitalize on the growing office market and startup culture.”
As part of the Victorian Village Historic district, Green|House features an adaptive reuse of the existing building and will offer one of the finest residential experiences in Columbus. With a full set of programming for residents designed around personal improvement and transformation, amenities will include a full fitness center, an outdoor pool, hot and cold plunge tubs, a spa with a relaxation area, two treatment rooms, and a sauna as well as a community room with a chef’s kitchen and an outdoor kitchen and fireplaces.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. With one of the strongest networks in the industry, the firm’s 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.