Walker & Dunlop has provided short-term bridge financing for the purchase of Castile Apartments, a 498-unit lakeside property in Henderson, Nev. The company later converted the financing into a $56.5 million permanent Freddie Mac loan. According to Yardi Matrix, Thompson Michie Communities purchased the asset from The Wolff Co. in April, for $99.6 million.
The 11-year fixed-rate, full-term interest-only loan was structured through Freddie Mac’s Index Lock program, capitalizing on low Treasury rates early in the due diligence process. Managing Director Trevor Fase led Walker & Dunlop’s team on both transactions.
The garden-style, Class A+ community is located at 1545 W. Wigwam Parkway, adjacent to Interstate 215 and a 20-minute drive southeast of downtown Las Vegas. Castile Apartments includes eight studio, 204 one-, 232 two- and 54 three-bedroom apartments, across 28 buildings. The property features:
- gated entrance
- yoga and spinning studios
- fitness center
- business center
- media lounge with TV
- barbecue and picnic areas
- dog park
Earlier this month, Walker & Dunlop secured $81.8 million in bridge financing for the acquisition and repositioning of two Texas communities. Both properties are undergoing significant renovations.
Image courtesy of Yardi Matrix