DEAL OF THE DAY: Walker & Dunlop Closes $5.84M TIC Acquisition Loan
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Walker & Dunlop provided a $5,840,000 acquisition loan for Mustang Creek Apartments located in Arlington, Texas.
Arlington, Texas– Walker & Dunlop provided a $5,840,000 acquisition loan for Mustang Creek Apartments located in Arlington, Texas.
The loan was structured with a 10-year fixed rate term and a 30-year amortization. The loan was fully leveraged with a 1.25 debt-service coverage ratio. Walker & Dunlop was able to quickly accommodate the borrower’s needs, which included restructuring the entire entity organization into a tenant-in-common structure, and close the deal ahead of schedule.
The borrower states, “We were impressed with the speed at which Walker & Dunlop processed our loan. Alex Inman provided superior service and kept us in the loop at all times while moving the process forward. Even when we were under a 1031 deadline and had to change holding structures, they quickly turned over the documents to close well before our deadline.”
Mustang Creek is a 120-unit townhouse-style community, built in 1978 and renovated in 1995. The community features large 2- and 3-bedroom units, and common amenities include an outdoor pool, controlled access gate and a fitness center. Mustang Creek was 90 percent leased at closing.
Alex Inman, Multifamily Finance, led the Walker & Dunlop team.