DEAL OF THE DAY: Walker & Dunlop Closes 73% LTV Freddie Mac Mortgage in Less than 40 Days
Walker & Dunlop provided a $28,547,000 refinance loan for Tenby Chase Apartments located in Delran, N. J.
Delran, N.J.– Walker & Dunlop provided a $28,547,000 refinance loan for Tenby Chase Apartments located in Delran, N. J.
The loan was structured with a 10-year term and a 30-year amortization. It was underwritten to 73 percent Loan-to-Value, and 1.25 Debt-Service Coverage, ratios. Walker & Dunlop closed in less than 40 days of receiving signed application, working quickly with Freddie Mac to meet the borrower’s requested closing date.
Edward Pantzer, president and CEO of Pantzer Properties Inc., states, “In today’s financing environment, where certainty of execution is of paramount importance, we are thrilled with the deal we just closed with Drew Anderman and his team at Walker & Dunlop. Not only did the loan close in under 40 days, but when critical issues arose during the process, Walker & Dunlop was able to successfully deal with the issues at hand in the most professional and timely fashion.”
Tenby Chase Apartments consists of 15 two-story-plus-basement buildings with 327 residential garden apartment units. Complex amenities include free storage units in the basement of each building, a pool, a children’s pool, a children’s playground and tennis courts. The community was 96 percent leased at closing.
Drew Anderman, senior vice president, Multifamily Finance originated the loan and led the Walker & Dunlop team.