Multifamily owner and manager Boyd Wilson has received a $20.4 million Fannie Mae loan for Fox Ridge, its 170-unit apartment community in Lebanon, Pa.
Walker & Dunlop arranged the permanent financing and structured the deal with six years of interest-only payments, as well as a fixed rate for the 10-year loan term.
The loan will retire an existing $16.7 million construction loan from Fulton Bank the owner took out in 2013, Yardi Matrix data shows.
Located at 218 Wheatstone Lane, the community is less than two miles from downtown Lebanon and about 30 miles west of Reading, Pa. The property was completed in phases in 2014 and 2017 and comprises a mix of one-, two- and three-bedroom options, with each unit including a deck or patio. Common-area amenities at the 21 two-story buildings include a fitness room, a clubhouse and pet stations.
Walker & Dunlop Managing Directors John Banas and Kris Wood, together with Analysts John Wilson, Rhett Saltiel and Erik DiGirolamo arranged the debt for Boyd Wilson. Recently, the owner received a Fannie Mae loan for its 216-unit Bethlehem Fields Apartments in Bethlehem, Pa.
