Bethesda, Maryland – October 13, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $9,640,000 conventional Fannie Mae loan for Edgemont Apartments, a Class B, garden-style, multifamily community in Greenville, South Carolina.
Jeff Robbins and Matt Ewig led the Walker & Dunlop team, which arranged a 10-year, fixed-rate, permanent loan with three years of interest-only payments. The loan terms include a 10-year amortization schedule and a debt service coverage ratio of 1.3x. The Walker & Dunlop team worked closely with repeat borrower, Highgate Capital Group to deliver the loan from application to closing within 40 days, helping the client to capitalize on a favorable interest rate environment. Highgate plans to make significant investments toward exterior and site enhancements as well as interior unit upgrades.
Mr. Robbins, managing director, commented, “We were pleased that Highgate Capital Group chose to work with Walker & Dunlop on this deal. Their entry into the Greenville market has been successful, and we are proud to facilitate their expanding footprint.”
Home to several major healthcare companies, college campuses, and employers such as General Electric, BMW, Michelin, 3M, and Honeywell, Greenville, South Carolina has seen a recent rise in employment rates and enjoys a consistently healthy tertiary apartment market. Edgemont Apartments’ 144 units were 97 percent occupied as of July, 2016, and demand for multifamily housing is expected to remain consistent within the area. The property is located just 5.3 miles east of Greenville’s central business district, in the largest submarket of the city, and features a pool, clubhouse, basketball court, and barbeque area. Nearby attractions include several parks, malls, the Greenville Zoo, and the Greenville Country Club.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.