Source: Walker & Dunlop / #Apartments #Finance
BETHESDA, MD - Walker & Dunlop, Inc. 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.