TODAY’S DEALS: Walker & Dunlop Closes $5.6M Refinance Loan For 72-Unit Apartment Community, and Other Transactions
- Apr 30, 2009
By Anuradha Kher, Online News EditorFremont, Calif.–Walker & Dunlop provided a $5,600,000 refinance loan for Villas Papillon Apartments located in Fremont, Calif. The loan was structured with a five-year term and a 30-year amortization and was underwritten to a 52 percent loan-to-value with a 1.95 Debt Service Coverage ratio. Walker & Dunlop locked in the interest rate less than two weeks after receiving the signed loan application. The 72-unit Villas Papillon Apartments was built in 1986 and features 19, two-story residential buildings. Common amenities include a pool, basketball court and a walking path. Unit features include one-car garages, carpet, wood-burning fireplaces, washer and dryer hookups and a standard appliance package. The property was 96 percent leased at closing. KeyBank Real Estate Capital Closes $4.2M Loan for Multifamily Property in Maryland Largo, Md.–KeyBank Real Estate Capital recently closed a $4.2 million Freddie Mac commercial mortgage for a multifamily property in Largo, Md. Key provided a supplemental loan to Truman Drive LLC for Truman Park, a 284-unit Class A apartment building built in 2002 outside of Washington, D.C. The loan allowed Truman Drive LLC to increase outstanding debt on the property to take advantage of improved performance since the initial funding in 2004.