BETHESDA, MD - Walker & Dunlop, Inc. announced that it structured $84,375,000 in financing for The Residences at Annapolis Junction, a 416-unit Class A apartment community. The LEED Gold-certified property was originally delivered in 2018.
Located in Annapolis Junction, Maryland, halfway between Baltimore and Washington, D.C., and in highly desirable Howard County, the property is uniquely positioned within minutes of the National Security Agency, Fort Meade, and BWI Marshall Airport. The community also offers convenient access to local transit, including MARC train stations, Amtrak, and Interstate 295.
Dee McClure, Managing Director, and Katie Runyan, Senior Director, led the Walker & Dunlop team in arranging the Freddie Mac financing. Details of the ten-year non-recourse loan include a three-year interest only period. The permanent financing for The Residences at Annapolis Junction replaces the existing debt previously provided through Walker & Dunlop's bridge lending program, which utilizes the company's own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned as part of a new business strategy.
Ms. McClure noted, "This refinancing reflects Walker & Dunlop's commitment and ability to meet our clients' changing needs. In this case, the bridge loan we provided in 2018 allowed ample time for stabilization, and the Freddie Mac transaction provided financing to Armada Hoffler for an off-market acquisition." She added, "This continuum of financing showcases the full spectrum of services and creative solutions Walker & Dunlop can bring to our clients."
"Dee and Katie took charge of the entire process providing an exceptional customer service experience in addition to valuable insight and recommendations on the most advantageous structuring. We were most pleased with the execution and the ability for Walker & Dunlop to deliver higher proceeds than originally planned," said Michael O'Hara, Chief Financial Officer of Armada Hoffler.
Located in a suburban nature setting, The Residences at Annapolis Junction are within commuting distance to major cities as well as local schools, country clubs, and the Towers Branch Park nature and hiking trails. The property offers premium amenities, including a heated resort-style saltwater pool, a sundeck with a fireplace, TV, gazebos, and cabanas, as well as grill areas and a bocce court. Additional features include a fitness center, movie theater, community room, billiards room, 24-hour business center, bike repair room and bike storage, and parking with car charging stations. Units feature premium fixtures and finishes, and 50 percent of the apartments are scored as mission-driven by Freddie Mac.