Walker & Dunlop Closes $13.8M Acquisition Loan
- Sep 28, 2010
Atlanta–Walker & Dunlop provided a $13,800,000 acquisition loan for Lansdowne and Gladstone Towers located in Aldan, Pa. The loan was structured with a 10-year term and a 30-year amortization.
John Street, Allied Mortgage & Realty Corp., comments, “We were thrilled to once again team up with Charlie Mentzer for this successful financing. Together with Mentzer, we have originated and closed approximately $150 million of multifamily loans during the past 18 months.”
Lansdowne & Gladstone Towers consists of three, Class B multifamily properties totaling 350 units. Lansdowne Towers was built in 1970 and contains 200 studio-, one-, and two-bedroom residential units in four four-story buildings. Additionally, there are five units that have been converted for commercial use at the property. The property was 88.7 percent leased at closing.
John Street originated the loan, and Charlie Mentzer, vice president, Multifamily Finance, led the Walker & Dunlop team.