BETHESDA, MD - Walker & Dunlop announced that it recently provided two separate bridge loans totaling $75,000,000 supporting Zen Apollo and 1801 L Street, two large multifamily properties located in Washington, D.C. and Sacramento, California, respectively.
"Our bridge loan program offers short-term, non-recourse loans for multifamily properties that are being repositioned as part of a new business strategy," said Sandor Biderman, senior vice president and chief production officer at Walker & Dunlop. "Being one of the largest multifamily lenders in the country – and having completed more than $1.3 billion in bridge loans since the inception of the program – we have the experience to deliver flexible solutions that meet our customers' varying needs."
Built in 1967 and renovated in 2007, Zen Apollo is a Class B, 274-unit, mixed-use apartment community with an ideal location in Washington, D.C. Nestled between the Logan Circle and City Center neighborhoods, the property enjoys immediate access to public transportation and nearby amenities such as restaurants, nightlife, grocery stores, and upscale retail. Local attractions include the Smithsonian Museums, National Monuments, and the White House.
1801 L Street, located in midtown Sacramento, California, is a mixed-use apartment community with five stories and 176 units. Built in 2006, the property sits on 1.77 acres adjacent to two of the highest-income neighborhoods in the city. The property also features excellent access to major thoroughfares and the heart of Sacramento. 1801 L Street's amenity package includes a pool, spa, concierge, dry cleaning service, gym, as well as several penthouse units.
The agreement with Walker & Dunlop will allow each borrower to refinance the properties with a 12-month term, flexible prepayment options, and a competitive rate. Both properties are well-positioned with ample time to convert to permanent HUD financing in early 2018.
This agreement is the latest example of the company's commitment to preserve and develop new housing opportunities in thriving communities across the nation. Brian V. Casey, senior vice president and head of the bridge loan program at Walker & Dunlop stated, "Our team has experience in markets spanning from coast to coast. Our ability to complete transactions both in California and Washington, D.C. within such a short period of time exemplifies the broad reach of our national production platform."