DEAL OF THE DAY: Walker & Dunlop Navigates Complex Leasehold Refi Loan
- Jun 29, 2010
Lancaster, Pa. Walker & Dunlop provided a refinance loan of the leasehold interest on the Bentley Ridge Apartments located in Lancaster, Pa.
The loan was structured with a 10-year term and a 30-year amortization. Walker & Dunlop says it was able to leverage over 20 years of Fannie Mae Multifamily underwriting experience in order to quickly address all issues involved with the transaction, including Fannie Mae leasehold guidelines, to position the borrower to lock in a low interest rate.
Greg Cassel of High Real Estate Group, LLC comments, “We appreciate the opportunity provided to us by Walker & Dunlop in the recent financing of one of our premier apartment communities in Central Pennsylvania. Walker & Dunlop was able to provide the flexibility and ingenuity necessary to close a very complicated transaction in the midst of a difficult lending environment.”
Bentley Ridge Apartments is a 421-unit garden apartment complex built in 1991. Common amenities include a clubhouse, heated swimming pool, playground, carwash area, fitness center, jogging trail and a business center. The property was 90 percent leased at closing.
Daniel J. Panichelli, principal, Carey Kramer Pettit Panichelli & Associates, originated the loan. Jay Thomas, vice president, Multifamily Finance, led the Walker & Dunlop team.