Walker & Dunlop Closes on $20.21M Acquisition Loan at 78% LTV
- Jul 21, 2010
Laurel, Md.– Walker & Dunlop arranged a $20,208,000 acquisition loan for Spring House Apartments located in Laurel, Md.
The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 78.3 percent loan-to-value ratio with a 1.24 debt-service coverage.
Charlie Mentzer, vice president, Multifamily Finance, at Walker & Dunlop, led the company’s team. John Street, Allied Mortgage & Realty Corp., originated the loan. The loan was closed within three days of rate lock.
Mentzer has been in involved with Allied Mortgage on over $112 million of Fannie Mae and Freddie Mac multifamily loans within the past two years, according to Walker & Dunlop.
Spring House Apartments is a 220-unit multifamily apartment community that was constructed in 1986. The community consists of two- and three-story residential buildings, and unit amenities include fireplaces (in 111 units), patios or balconies and walk-in closets. Property amenities consist of landscaped barbecue and picnic areas, a clubhouse, carports and a car wash area. The property was 92.3 percent leased at closing.