Two Florida Multifamily Communities Receive $65 Million in Financing Through Walker & Dunlop

FORT MYERS, FL - Walker & Dunlop announced that it structured loan financing for Coral Pointe at the Forum and East Pointe at Altamonte, two garden-style multifamily apartment communities in Florida. The two transactions were completed on behalf of InvestRes and totaled $65,625,000.

The Walker & Dunlop team was led by Matthew Baldwin and Alison Williams, who both specialize in the origination of debt and structured finance solutions for all commercial real estate classes. The team structured a non-recourse, five-year bridge loan for the acquisition of Coral Pointe at the Forum, delivering the best possible debt terms while tracking the newly-built asset through lease-up. For East Pointe at Altamonte, the team secured an attractive, non-recourse, ten-year permanent refinance loan that included five years of interest-only payments. The attractive terms resulted in a significant value-return to the borrower's investors.

"We are pleased to partner with Walker & Dunlop as we continue expanding into the Florida market and beyond. Both transactions are a great reminder of why it is important to work with a best-in-class team of professionals, and we look forward to building on this successful relationship," stated Bernardo Tannenbaum, Associate at InvestRes. 

Located in Fort Myers, Coral Pointe at the Forum offers competitive market rents and has experienced rapid lease-up absorption. In addition to its newly-built and market-leading apartment units, residents have access to a club room, resort-style deck area, heated pool, grills, gazebos, outdoor bar area, oversized fitness center, and dog-friendly parks. 

East Pointe at Altamonte is a 354-unit community in Altamonte Springs. The property was purchased as two separate assets in August 2017, and the owners have invested significant capital while streamlining management over the first year of ownership. On-site, residents have access to new unit upgrades and amenities, including a 24-hour fitness center, resort-style swimming pools, community gardens, bark parks, playgrounds, and picnic areas. The property is also located near Uptown Altamonte shopping and entertainment district. 

Both communities benefit from Florida's statewide growth and strong economic performance. Due to its robust economy, favorable tax environment, mild weather, and overall high quality of life, migration into Florida continues to increase. The state's population grew 17.7 percent from 2000 to 2010 and is expected to grow another 7.1 percent, approaching 22 million people by 2021.