Walker & Dunlop Completes Sale and $44 Million Financing for Apartments in Gainesville, Georgia
Walker & Dunlop, Inc. announced today that it completed the sale and structured $44,253,000 in financing for the Century New Holland, a resort-style apartment community in Gainesville, the primary business center in Georgia. The assignment was completed on behalf of Centennial Holding Company, which has acquired and financed two additional assets, Century Avenues in Lakeland, Florida, and Century at the Ballpark in Lawrenceville, Georgia, through Walker & Dunlop’s property sales group within the past year. Walker & Dunlop facilitated the sale and financing for all three properties.
Totaling 860 units, the three Class A+ multifamily communities are situated in a prime location with access to cultural centers, educational hubs, dining and shopping outlets, and thriving business environments that provide ample employment opportunities.
The Walker & Dunlop financing team was led by Taylor Williams, Managing Director in the company’s Capital Markets group. Drawing on his deep knowledge of capital providers and the company’s strong relationship with the Government-Sponsored Enterprises (GSEs), the team identified Fannie Mae and Freddie Mac as the ideal lending partners for Centennial. To mitigate the ever-changing interest rate environment, the team leveraged Freddie Mac’s Early Rate Lock program, ensuring an attractive financing rate for Century New Holland. The long-term, fixed rate loan also features an interest-only period of five years.
Walker & Dunlop’s property sales team comprised Brian Moulder, Chris Goldsmith, and Sean Williams. The group represented the sellers of each property and served as broker and advisor for the disposition. Both Century Avenues and Century New Holland were offered on an off-market basis.
“We have been working with Centennial for nearly a decade and are pleased to have once again helped them expand their footprint in the Southeast,” said Mr. Williams. “We analyzed multiple funding sources, exploring all available options in order to achieve the optimal outcome for this portfolio financing.”
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 brokered loan origination volumes, which increased 23.4 percent from 2018 to 2019. This has largely been due to the company's successful hiring and integration of talented bankers and brokers. Since the beginning of 2019, Walker & Dunlop has added 51 bankers and brokers to the platform.
For information about Walker & Dunlop's view on the apartment market, including insights on the potential impact of COVID-19 on commercial real estate owners, watch our recent webcasts on YouTube.
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.
Our comprehensive CRE platform offers you both entity-level and property-level finance and advisory services.