PLANO, TX - Walker & Dunlop, LLC announced that it recently provided a $27,520,000 loan under the U.S. Department of Housing and Urban Development's Section 223(f) program for Carrington Park Apartments, located in Plano, TX.
The cash out refinance was structured with a 35-year fully amortizing mortgage and underwritten to an 80 percent loan-to-value with a 1.22x debt- service coverage ratio.
Joseph Ng, VP - Finance of the sponsor, The England Group, commented, "It has been an honor to be able to work with such a professional team and I look forward working on more deals with Walker & Dunlop and Pat McFarland of Churchill Capital Company in the future."
Carrington Park is a Class A 364-unit garden-style apartment complex built in 1996 situated on over 23 acres. The property offers one-, two-, and three-bedroom units in 27 two-story buildings. Community amenities include two swimming pools, a nine-hole putting green, and a clubhouse with a fitness facility, business center and coffee bar. The property also offers residents multiple parking options and remote access. Carrington Park was 96 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 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.