BETHESDA, MD - Walker & Dunlop, Inc. announced that it structured $25,200,000 in Fannie Mae financing for Bethlehem Fields Apartments, a 216-unit, Class-A multifamily property located in Bethlehem, Pennsylvania in the Lehigh Valley region. Walker & Dunlop arranged the refinancing on behalf of Boyd/Wilson, a repeat client with 38 years of experience in commercial real estate development and property and construction management throughout Pennsylvania.
This financing for Bethlehem Fields, which was originally organized as a bank execution prior to the COVID-19 pandemic, represented Boyd/Wilson's first Agency execution. Amid market uncertainty, the Philadelphia Capital Markets team, including Managing Directors, John Banas and Kris Wood, as well as Analysts John Wilson and Rhett Saltiel, quickly pivoted to secure the best financing solution for their client. Leveraging their strong relationship with Fannie Mae, the team structured the deal with three years of interest-only payments and an attractive fixed rate for the ten-year loan term.
Frank Barrett, President of Boyd/Wilson, commented, "John and his team provided a smooth refinance process with Fannie Mae. Their professionalism and insight were second to none. We were able to lock in an extremely competitive rate with incredible terms. With their guidance, we were able to easily navigate the complex GSE market."
Mr. Banas commented, "Boyd/Wilson is a long-standing, well-run family business that owns and operates best-in-class properties; it's always a pleasure to work with their team."
Bethlehem Fields is located minutes from Route 78 and the Delaware River and offers spacious one- and two-bedroom apartments and townhomes with a variety of floor plans. In addition to the 14 residential buildings on site, the property features a clubhouse, playground, fitness center, picnic areas, and garages. Boyd/Wilson plans to utilize the cash-out proceeds to perform capital improvements at the property.
Source: Walker & Dunlop