Source: Walker & Dunlop / #Multifamily #Finance
BETHESDA, MD - Walker & Dunlop, LLC announced that it recently provided $10,312,000 in financing for Eagle Rock Apartments, a garden-style residential apartment community located in Spokane, WA.
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 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Walker & Dunlop was able to meet the borrower's expectations by providing high leveraged cash-out financing with an initial two years of interest-only payments.
Eagle Rock Apartments is a 210-unit apartment development built in two phases between 1996 and
1998. The multifamily property is situated on over 10 acres and offers one-, two-, and three-bedroom floorplans in 11 residential buildings. Property amenities include a mixed-use basketball and tennis court and a clubhouse featuring a resident lounge, kitchen and fitness facility. Eagle Rock Apartments was 94 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.