Source: Walker & Dunlop / #Apartments #Finance
BETHESDA, MD - Walker & Dunlop, LLC announced today that it recently provided $50,520,000 in financing for Timberlake & The Glades Apartments, a garden-style residential apartment community located in Altamonte Springs, Florida. The acquisition loan was structured with a 7-year term with 2-years interest only and a 30-year amortization under Freddie Mac's Capital Markets Execution Program (CME). The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio.
Timberlake & The Glades Apartments is a combined 876-unit apartment community built in 1986 that received over $10 million in substantial upgrades and renovations from 2008 to 2010. The multifamily complex offers floor plans featuring faux granite countertops, ceiling fans and full size washer/dryer units with options including fireplaces, patios/balconies and glass solariums available in many units. Property amenities include a state-of-the-art resident activity center with flat screen TVs, four swimming pools, two fitness centers, seven lighted tennis courts, five air-conditioned racquetball courts, picnic and BBQ areas, a car wash facility, and billiards room. Timberlake & The Glades also features a lake on the property, providing many units with lake views.
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.