BETHESDA, MD - Walker & Dunlop, Inc. announced that it structured $69,939,000 in Fannie Mae financing for the acquisition of three multifamily properties: Ivy Commons Apartments in Atlanta, Georgia; Axis 147 and Mayton Transfer Lofts, both located in the Richmond, Virginia metropolitan area.
Andrew Tapley and Alexandra Huffman of Walker & Dunlop's Multifamily Finance group led the team in arranging acquisition financing for the borrower, Capital Square 1031.
Drawing on their deep understanding of Fannie Mae's programs, the team was able to rate lock two of the loans in less than 14 days from application and close one financing within 30 days. The team's ability to swiftly provide debt solutions allowed the borrower to execute on its business plan of growing a robust multifamily portfolio in the Southeast.
Each of the three properties in the portfolio are well-located assets with highly regarded local schools, shopping centers, dining options, entertainment venues, as well as public transportation and major thoroughfares to access neighboring employment hubs.
"The team at Walker & Dunlop provides a seamless approach to loan underwriting. They are fast, efficient, and practical. We are all on the same page and are able to close loans in a timely manner. Also, the Green Rewards Program is a powerful value-add with the Fannie Mae loan program. We can't imagine ever going with anyone except Walker & Dunlop; the quality, service, and pricing are that good," said Louis Rogers, founder and CEO of Capital Square 1031.
"We were pleased to partner with Capital Square 1031 to provide financing on yet another great group of investment properties," said Mrs. Huffman. "Since the beginning of our relationship in 2016, we've witnessed meaningful growth both in the Capital Square portfolio and in the broader multifamily landscape – all thanks to favorable economic conditions, job growth, and rising population in many markets."
Located in the heart of historic Old Towne Petersburg, Virginia, Mayton Transfer Lofts was built in 1911 and represented a particularly unique assignment for the team. The property underwent comprehensive renovations from 2007 to 2012 to transform the industrial asset into a distinctive multifamily community. The developer maintained the historic aspects of the property, which now comprises 225 units with exposed brick, hardwood or concrete floors, high ceilings, and original beams. Both Mayton Transfer Lofts and Ivy Commons Apartments qualified for Fannie Mae's Green Rewards program, providing additional loan savings to the borrower.