Source: Walker & Dunlop
BIRMINGHAM, AL - Walker & Dunlop, Inc. announced that it completed the sale and financing for The Moretti at Vulcan Park. The 135-unit property is a Class A, luxury apartment community located in the Homewood neighborhood of Birmingham, Alabama.
Walker & Dunlop's financing team comprised Managing Directors Stephen West and Matt Wallach, as well as Senior Managing Director Will Baker. Leveraging their deep understanding of GSE lending programs, the team secured a ten-year Freddie Mac loan with five years of interest-only payments and an attractive, fixed rate. The financing assignment was completed on behalf of ApexOne Investment Partners, who acquired the multifamily property from Raia Capital Management via Walker & Dunlop's property sales team, comprised of Managing Directors Kris Mikkelsen and Telly Fathaly.
Said Mr. West, "We're pleased to have executed both the sale and acquisition financing for The Moretti at Vulcan Park in the face of significant logistical challenges created by the COVID-19 crisis." He added, "This property is a cornerstone investment in Homewood, a premier neighborhood with high barriers to entry. Despite considerable volatility in the markets, we were able to lock in very attractive debt terms for ApexOne."
"We're excited to announce the addition of Moretti to our portfolio. The property fits perfectly within our strategy of purchasing high quality assets with the opportunity to increase value over time by improving common areas and interior units," commented Tim Burns, Partner and Chief Investment Officer of ApexOne Investment Partners. "We are further pleased to complete this acquisition during the midst of the COVID-19 pandemic, showing the capability of our team to execute when markets are difficult and opportunities are presented. The Walker & Dunlop teams were integral to the execution of this transaction."
Located in one of Birmingham's most highly sought single-family neighborhoods, The Moretti at Vulcan Park is within walking distance to downtown Homewood, a lively and upscale boutique shopping and dining destination. The property is one of only two multifamily communities to deliver in Homewood within the last 20 years and is proximate to Birmingham's top neighborhoods, schools, lifestyle amenities, and employment centers. Built in 2014, The Moretti features a premium amenity package, high-end in-unit finishes and fixtures, and ample parking.