$50 Million Loan Closed for Multifamily Property in Jacksonville, Florida by Walker & Dunlop
Bethesda, Maryland – December 11, 2017
Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $50,381,000 loan for Matthews Crossing, a Class B multifamily property in Jacksonville, Florida. Dallas-based Managing Director Alex Inman led the Walker & Dunlop team.
The Sponsor, S2 Capital, LLC, is a valued, repeat client of Walker & Dunlop, with significant experience in repositioning under-valued multifamily assets. Scott Everett, managing partner for S2 Capital, LLC commented, “Matthews Crossing was our first acquisition in the Jacksonville market. Because of this, I anticipated financing the deal to be somewhat challenging, but Alex and his team were able to present several different options from various lending sources. In the end we were able to obtain financing terms far better than anticipated, which made our returns even better than initially modeled. I think this is a true testament to the power of the Walker & Dunlop platform and the breadth of knowledge Alex and his team bring to the table.”
Alex Inman stated, “Our team was thrilled to win the financing assignment on the Matthews Crossing ‘value add’ acquisition. This was the Sponsor’s first acquisition in this market, so we knew it would be a challenge to identify a lender that would be the right fit for the deal. However, given our robust relationships in the capital markets space, we were able to identify a lender that exceeded all expectations.”
Located in vibrant Jacksonville, the property features 1,103 units, five swimming pools, a playground, fitness center, business center, and is located within close proximity to The University of North Florida and Jacksonville University.
A steady stream of jobs has moved into the Jacksonville area with the recent addition of Amazon’s second fulfillment center expected to bring 2,500 jobs to the city by the end of 2019. The announcement of a 300,000 square-foot expansion for the Mayo Clinic in the city also bodes well for the local economy, and major employers in the area such as Bank of America, Merrill Lynch, and Citibank.
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