Source: Walker & Dunlop / #Multifamily #Finance
BETHESDA, MD - Walker & Dunlop, Inc. announced that it recently provided $70,208,000 in Fannie Mae financing to Reinhold Residential, for a portfolio of historic properties converted to Class A multifamily residential buildings.
The portfolio consists of seven garden-style properties with over 628 units located in Philadelphia, Pittsburgh and West Chester, PA. All of the choice refinance transactions were structured with 10-year terms with 5-years interest only, followed by 25- or 30-year amortization periods. The portfolio was closed as a bulk delivery using Fannie Mae's MATS ERL™ execution. This product allows for an Early Rate Lock (ERL) option for use with Multiple Asset Transactions (MATS) that enables borrowers to lock in attractive interest rates and competitive financing terms. By utilizing this program, Walker & Dunlop was able to structure the transactions to allow the borrower to use funds from closing to facilitate capital upgrades for the properties over the next five years.
The borrower, Jeff Reinhold, commented, "It was a real pleasure working with Jay Thomas and his team at Walker & Dunlop and Don Pettit and his team at Carey, Kramer, Pettit, Panichelli & Associates on the refinance of our multifamily portfolio. Throughout the entire process, Jay, Don, and their team ensured and executed successful and timely transactions. The portfolio refinance closed within our requested timeframe, and the teams' professionalism and experience made the entire process as smooth as possible. We look forward to working with Walker & Dunlop and CKPP on future transactions."
Chocolate Works Apartments, Shadyside Commons Apartments, Sharples Works Apartments, The Touraine Apartments, Trinity Row Apartments, Waterfront I Apartments, and Waterfront II Apartments are all historically significant properties and included on the National Registry of Historic Buildings. With the exception of Trinity Row Apartments (row houses) and The Touraine Apartments (once a residential hotel), the properties were once commercial or industrial buildings that were converted into apartments nearly 20 years ago. The refinance upgrades them to luxury living space, each offering a unique architectural style and top-of-the-line services and amenities. The combined average occupancy of the properties was over 99 percent at closing.