SMYRNA, TN - Walker & Dunlop Closes $5.6 Million Fannie Mae Refinance Loan for Ashley Grove Apartments in Smyrna, Tennessee Bethesda, MD - July 12, 2012 - Walker & Dunlop, LLC announced today that it recently provided $5,625,000 in financing for Ashley Grove Apartments, a garden-style residential apartment community located in Smyrna, TN.
The refinance loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 75 percent loan-to-value with a 1.41x debt-service coverage ratio under Fannie Mae's Early Rate Lock Program.
Ashley Grove Apartments is a 128-unit apartment community built in 1974 that received over $600,000 in capital improvements by the borrower, Dominion Development Group, between 2009 and 2011. The property offers one-, two-, and three-bedroom units featuring standard appliance packages and balconies/patios. Community amenities include a tennis court, swimming pool, basketball court, and an on-site laundry facility. Ashley Grove Apartments was 96 percent leased at closing.
Mark Taylor, Chief Financial Officer, Dominion Development Group, commented, "It was truly a pleasure to work with Walker & Dunlop on the refinance of this loan. Our group has been very impressed with the consistent level of service, creativity and persistence exhibited by all the members of the Walker & Dunlop team. In short, they attentively listened to our needs and worked diligently to execute financing to meet our needs. We certainly look forward to our next transaction with them."
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(TM), Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. Walker & Dunlop's proprietary Interim Loan Program provides financing for multifamily properties that do not currently qualify for permanent financing. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.