Walker & Dunlop Closes $7 Million Interim Loan for Renaissance St. Andrews Apartments in Louisville, Kentucky
BETHESDA, Md., Feb. 28, 2012 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that its subsidiary, W&D Interim Lender LLC, recently provided $7,000,000 in interim financing for Renaissance St. Andrews Apartments, a Class A garden-style residential apartment community located in Louisville, KY. The financing was provided under the Company's Interim Loan Program ("the program"). The program offers floating-rate interim loans to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent financing. Loans originated through the program are funded using a combination of Company capital and credit facilities and are held on the Company's balance sheet.
This non-recourse loan was provided for an acquisition and structured with a 1-year term. Walker & Dunlop closed the loan within 40 days of receiving the application from the borrower. This transaction highlights the Company's continued focus on developing proprietary, complementary product offerings to provide borrowers with multiple financing options.
"This interim loan demonstrates Walker & Dunlop's ability to use its own capital to provide borrowers with financing options that best meet their needs," commented Walker & Dunlop CEO, Willy Walker. "The program is fundamental to Walker & Dunlop's long-term strategy to diversify the sources of capital that fund our lending activities."
Renaissance St. Andrews Apartments is a 216-unit apartment community built in 2001 situated on over 19 acres. The multifamily property offers three different floor plans in one- and two-bedroom models. Property amenities include a clubhouse, outdoor swimming pool, fitness center, laundry facility, and business center. Renaissance St. Andrews Apartments was 90 percent leased at closing.
Senior Vice President, Doug Taylor (949/208-8444, [email protected]) led the Walker & Dunlop team.
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading providers of commercial real estate financial services in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS™, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups of Walker & Dunlop are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States. Capital for this financing comes from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investment group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.
SOURCE Walker & Dunlop, Inc.
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