BOCA RATON, FL - Walker & Dunlop, Inc. announced it recently provided a $70,000,000 loan for Broadstone North Boca Village, an apartment complex located in Boca Raton, Florida
The refinance loan was structured as a convertible adjustable rate mortgage using Fannie Mae's Pre-Stabilization Program. Unique to this transaction, Fannie Mae approved a one-time request to fund a $5 million supplemental loan at a similar interest rate to that of the first mortgage provided property performance hurdles are achieved.
Broadstone North Boca Village, a 384 unit, class "A" beachside community, was constructed in 2012. The multifamily property offers 1-, 2-, and 3-bedroom apartments in a variety of floor plans. Amenities include a clubhouse, fitness center, bocce ball court, executive business center, community playgrounds, full-sized washer and dryers, granite counter tops, and oversized roman soaking tubs. Located conveniently off I-95, Broadstone North Boca Village is within a few miles of parks, beaches and well known restaurants.
Chicago based managing director, Allan Edelson, led the Walker & Dunlop team. Mr. Edelson commented, "We have a long term relationship with Fannie Mae and this is one more financing where Walker & Dunlop and Fannie Mae were able to provide a flexible financing structure to best meet the goals of our client."
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, MD, is one of the premier commercial real estate finance companies in the nation. The firm's scaled lending platform provides customers with a comprehensive suite of financing solutions for multifamily and commercial properties located across the United States.