FORT WORTH, TX - Walker & Dunlop, Inc. announced that it structured a $17,850,000 Fannie Mae loan for Constellation Ranch, a 324-unit, Class B multifamily property located in Fort Worth, Texas. The property consists of 13 apartment buildings and was distinctively designed with a Texas ranch-style ambience.
Stuart Wernick, Managing Director, and Matt Newton, Director, led the Walker & Dunlop team in arranging the refinance for Railfield Partners, a long-time client. The ten-year, floating-rate loan was structured with full-term interest only payments at a rate below 2.50 percent. At funding, the property's occupancy was approximately 94 percent.
Mr. Wernick commented, "We were able to tailor Fannie Mae's loan programs to meet our client's unique needs, providing them flexible loan terms that allow them to revisit a sale of the property once the market recovers from the effects of COVID-19. Constellation Ranch is a unique community, offering a mixture of the rural and the urban. We are excited to have played a role with Fannie Mae in getting this job done."
Built in 2005, Constellation Ranch is located minutes from downtown Fort Worth and offers one-, two-, and three-bedroom floor plans. The property offers a resort-style pool and spa, a state-of-the-art clubhouse, business center, pet park, and multiple outdoor picnic areas, grills, and fireplaces.
Walker & Dunlop is a leader in multifamily lending, ranking as the largest Fannie Mae DUS multifamily lender and the 3rd largest Freddie Mac Optigo multifamily lender by volume in 2019.
Source: Walker & Dunlop