Walker & Dunlop Closes $26.1M Partial Interest-Only Acquisition Loan
- Dec 30, 2010
|Lakeland, Fla.– Walker & Dunlop provided a $26,100,000 acquisition loan for Victoria Manor Apartments located in Lakeland, Fla.
The loan was structured with a 10-year term with two-years interest only and a 30-year amortization. The loan was underwritten to a 76.4 percent Loan-to-Value with a 1.27 Debt Service Coverage ratio through Freddie Mac’s CME program.
Victoria Manor Apartments features a resort style community pool, one heated spa, indoor basketball and racquetball courts, fitness center, picnic area, children’s playground, a dog park and combination leasing office/clubhouse with business center.
Each unit features a full appliance package including an electric range/oven, vent-hood, frost-free refrigerator with icemaker, garbage disposal and dishwasher. Some units feature a built-in microwave oven. Additionally, each unit features wood cabinets with Formica countertops and ceramic tile flooring in the kitchen area. The property was 85 percent leased at closing.
Patrick Boyle, vice president, Multifamily Finance, originated the loan and led the Walker & Dunlop team.