The refinance loan was structured with a 10-year term and a
30-year amortization under Fannie Mae's Early Rate Lock
Program. The loan was underwritten to a 75 percent
loan-to-value with a 1.30x debt-service coverage ratio.
Walker & Dunlop rate locked the transaction within 17
business days of receiving the signed application from the
borrower.
Parkridge Meadows is an 89-unit apartment development built
in 1984, situated on over four acres. The multifamily
property offers one- and two-bedroom floorplans in 12
residential buildings and one single family residence located
adjacent to the apartments. Units feature ceiling fans and
patios or balconies. Property amenities include an outdoor
swimming pool, spa, barbeque area and a laundry facility.
Parkridge Meadows was over 97 percent leased at closing.
Greg Richardson, Johnson Capital, originated the loan. Walker
& Dunlop Senior Vice President, Multifamily Finance, Andrew
Tapley, (301/215-5578, atapley@walkerdunlop.com)
led the Walker & Dunlop team.
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS™, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups of Walker & Dunlop are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States. Capital for this financing comes from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investment group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.
Contact: Susan WeberVice President, Marketing Phone: 301/215-5515 sweber@walkerdunlop.com
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