Walker & Dunlop Arranges Acquisition Financing for Three Section 8 Apartment Properties in the Southeast
20 Feb, 2017
Bethesda, Maryland – January 12, 2017 – Walker & Dunlop, Inc. (NYSE: WD) announced today it arranged three Freddie Mac loans totaling $15,967,000 for the acquisition of three Section 8 affordable family housing projects located throughout the Southeast United States. The borrower, Stonebridge Global Partners, LLC, used the debt to acquire Oak Hammock in Jacksonville, Florida; Forest Hills Village in Birmingham, Alabama; and Villa North Apartments in Thomasville, Georgia.
The three properties contain a total of 439 units and were approximately 95 percent occupied at the time of closing. The acquisition of these three assets illustrates the national demand for quality properties at affordable rents. The loans were funded through Freddie Mac’s Targeted Affordable Housing (TAH) program.
Each of the loans is interest-only for the first five years and has a 30-year amortization schedule. The loans for Oak Hammock and Villa North are for 15 years while the loan for Forest Hills Village is for 12 years. Obtaining the interest-only period enhanced the returns to the sponsor, allowing them to bid competitively and ultimately win the three deals. Additionally, Freddie Mac stood by its quotes as the markets moved and Freddie Mac’s Index Lock program was utilized to ensure funding occurred on time for two of the transactions.
The Walker & Dunlop origination team consisted of Jeffrey Lawrence, senior vice president, and Matt Baptiste, assistant vice president, who are both located in the firm’s Atlanta office. Commenting on the financing, Mr. Lawrence said, “Working closely with our partners at Freddie Mac, Matt Baptiste and I were able to deliver three loans that met Stonebridge’s objectives in terms of timing, proceeds, rate and structure. We look forward to assisting them in 2017 as they continue to grow their business.”
Eli Mizrahie, managing partner of Stonebridge Global Partners, said, “We are excited to be working with the teams at Walker & Dunlop and Freddie Mac once again. As Stonebridge continues to grow, our focus of acquiring quality assets in strong rental markets, where we can enhance value remains at the core of our investment strategy.”
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 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 500 professionals in over 25 offices across the nation with an unyielding commitment to client satisfaction.
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