BETHESDA, MD - Walker & Dunlop, LLC announced that it recently provided $18,200,000 in financing for Woods of Cherry Creek, a Class A garden-style residential apartment community located in Overland Park, KS.
The refinance loan was structured with a 10-year term with 2-years interest only and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. The loan was underwritten to a 55 percent loan-to-value with a 1.61x debt-service coverage ratio. Walker & Dunlop was able to meet the interest rate and loan structure objectives for the borrower, Overland Park Property Company, LLC, for a Class A asset in excellent condition.
Woods of Cherry Creek is a 231-unit apartment development built in 2001, situated on over 18 acres. The multifamily property offers one-, two-, and three-bedroom floorplans in 20 residential buildings. Property amenities include covered parking, private access, a 9,451 square foot clubhouse, two outdoor swimming pools, a fitness facility, business center, and private cinema. Woods of Cherry Creek was 98 percent leased at closing.
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies 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.