Walker & Dunlop Structures $392 Million in Green Financing for Los Angeles Multifamily Portfolio
Walker & Dunlop Structures $392 Million in Green Financing for Los Angeles Multifamily Portfolio |
| [25-June-2018] |
BETHESDA, Md., June 25, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it recently structured $392,384,000 in green financing for three multifamily properties in southern California. The Medici and The Orsini I, two Class A multifamily communities in downtown Los Angeles, California, were financed through $233,587,000 in Freddie Mac Green Up® loans. The third transaction in the portfolio, The Colony Townhomes, was completed on a compressed timeline through Fannie Mae's Green Rewards program, rate locking in 14 days and closing in 32 days. The 752-unit garden-style community located in Santa Clarita, California received $158,797,000 in financing. Led by Trevor Fase, Walker & Dunlop's team worked quickly to refinance the existing loans on the properties, all of which are owned and were originally developed by the borrower, G.H. Palmer Associates. Each transaction provided cash out to the borrower and was structured as a ten-year, non-recourse loan with interest-only for the entire term. Mr. Fase commented, "We are pleased to continue working alongside G.H. Palmer. These transactions are just a few examples of many deals we've completed for the borrower over the past three years." He added, "Our team was able to provide great rates by leveraging our deep understanding of the GSEs' green programs." The Medici is a mid-rise, 632-unit multifamily property consisting of two buildings that are connected by a sky-bridge. The community offers studios and one-, two-, and three-bedroom units with nine-foot ceilings and balconies or patios. The Orsini I is one part of a three-phase development located on Sunset Boulevard. Unit offerings include studios and one- and two-bedroom apartments with individual balconies or patios, solid oak doors, premium appliances, and granite countertops. Both properties boast top-of-the-line amenities, including outdoor swimming pools, spas with saunas and steam rooms, fitness centers, tennis courts, a jogging track, golf facilities including a putting green and golf driving cages, a regulation-size indoor basketball court, clubhouses, a sand volleyball court, and picnic areas with barbeque grills and a playground. The Colony Townhomes is ideally located just off of the Antelope Valley Freeway in Santa Clarita. The picturesque northern Los Angeles property comprises 94 buildings on a 40-acre site and features 5 swimming pools, a state-of-the-art fitness center, spa, dog park, playgrounds and picnic areas. Residents have the option of two-car direct access garages, balconies and patios, gas fireplaces, as well as scenic views of the surrounding canyons. Walker & Dunlop is an active and experienced green lender, having closed over $6.3 billion in green loans through Fannie Mae and Freddie Mac during 2017, quadrupling its 2016 originations. Further, the company has ranked as the #1 DUS® Green Lender for Fannie Mae for the past two years. For more information on Walker & Dunlop's ability to finance green properties, read our press releases:
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SOURCE Walker & Dunlop, Inc. | ||
Company Codes: NYSE:WD |
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