Walker & Dunlop Provides $7 Million in Financing for Lakeland Development, Continuing its Commitment to Affordable Housing
Walker & Dunlop, Inc. announced today that it recently structured a $7,200,000 forward commitment for the permanent financing of Twin Lakes Estates Phase II. Located in Lakeland, Florida, the affordable multifamily community contains 132 apartment units and is supported by an allocation of four percent Low Income Housing Tax Credits (LIHTC) in partnership with the Lakeland Housing Authority and the developer, Housing Trust Group.
Walker & Dunlop’s team, led by Heather Olson, leveraged their deep understanding and extensive experience in affordable housing financing to provide the loan within a very compressed timeline. Having worked with Olson to finance the first phase of Twin Lakes in 2018, the Housing Trust Group, called on the team again to provide permanent financing for Phase II. The transaction, which utilized Freddie Mac’s Tax-Exempt Loan Program, was completed by Walker & Dunlop 41 days faster than the typical 90-day processing timeframe for four percent LIHTC transactions. The financing terms include a 30-month forward commitment for the permanent debt, and the team locked in long-term debt at competitive terms which will activate upon termination of the construction loan.
“We are deeply grateful to the highly skilled teams at Walker & Dunlop and Freddie Mac for acknowledging the dire need for more quality affordable housing in Florida, and moving swiftly to close this loan in record time so that construction on Twin Lakes could start immediately,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Thanks to their efforts, by the end of 2020, over 130 families in Lakeland will be much better off – with a safe, clean, and beautiful apartment to call home, and the financial relief necessary to begin saving for a brighter future.”
Ms. Olson said, “We received tremendous support from our financing partners at Freddie Mac to expeditiously get Twin Lakes Phase II to the closing table. We are thankful that Housing Trust Group and the Lakeland Housing Authority trusted us to partner with them to bring much needed affordable housing to the citizens of Lakeland. It is our honor to continue to be a part of this development team.”
The construction of Twin Lakes Estates Phase II recently commenced and has a scheduled opening of December 2020. The project will be 100 percent restricted at 40 and 60 percent of area median income. Ten percent of the units will be part of an Annual Contributions Contract, which allows public housing authorities to contribute payments toward unit rents, financing debt service, and financing for modernization.
Walker & Dunlop is one of the largest multifamily lenders in the country and is ranked within the top five non-bank affordable lenders in the United States, according to the Mortgage Bankers Association’s 2018 Commercial/Multifamily Origination Rankings. In 2018 alone, Walker & Dunlop closed over $1 billion in transaction volume for affordable properties. Learn more about Walker & Dunlop’s footprint in the affordable housing market here:
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 800+ professionals in 32 offices across the nation have an unyielding commitment to client satisfaction.
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