Walker & Dunlop Structures $225 Million in Financing for Virginia Portfolio
Walker & Dunlop, Inc. announced today that it arranged $225,119,000 in Fannie Mae and bank financing for five apartment communities throughout Virginia. Each of the multifamily properties is fully stabilized, with the exception of one newly-built development that is in lease-up.
Walker & Dunlop’s Alexandra Huffman and Andrew Tapley led the team in arranging financing for the borrower, Capital Square. To provide the best possible terms for each transaction within the portfolio, they joined forces with capital markets specialist, Justin Nelson, who identified a bank lender to complement their Agency financing expertise. Drawing on their deep understanding of the capital stack, the team skillfully arranged a debt package for Saltmeadow Bay Apartments, Misty Ridge Apartments, Bellemeade Farms Apartments, 2000 West Creek, and Hickory Creek Apartments.
Each property in the portfolio is 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.
“2000 West Creek, a new, Class A+ apartment community in the prosperous west end of Richmond, is an evolutionary acquisition for Capital Square,” said Louis J. Rogers, Founder and CEO of Capital Square. “None of this growth would be possible without acquisition financing provided by Alexandra Huffman and her able team at Walker & Dunlop.”
“We have been working with Capital Square since 2016 and are pleased to have partnered with them once again,” said Mrs. Huffman. “We tapped into multiple different funding sources, and really explored all available options in order to achieve the optimal outcome for this portfolio financing.”
Located in Virginia Beach, Virginia, Saltmeadow Bay was constructed in 2003 and is comprised of 229 units across four residential buildings. In addition to being located within walking distance to the beach, the property is located in an attractive region supported by a growing network of transportation routes and one of the largest port facilities in the world. Both Misty Ridge and Bellemeade Farms are in Northern Virginia, and qualified for Fannie Mae’s Green Rewards program, which provided additional loan savings. 2000 West Creek and Hickory Creek are situated in Richmond, Virginia, a city with a vibrant economy and community thanks to a thriving healthcare sector, large public workforce, and access to higher education institutions. 2000 West Creek was built in 2018 and is currently in the final stages of lease-up.
Walker & Dunlop is a leader in the multifamily space; the firm was ranked #2 Fannie Mae multifamily lender in 2018 and was also ranked within the top five largest multifamily lenders with Freddie Mac and HUD. For more information about Walker & Dunlop’s view on the apartment market, including insights on GSE reform and key economic trends, download our Fall 2019 Multifamily Outlook Report.
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 the company’s 800+ professionals in 32 offices across the nation have an unyielding commitment to client satisfaction.
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