TODAY’S DEALS: Walker & Dunlop Closes $7M Refi Loan for Garfield House, and Other Transactions
- Apr 16, 2009
By Anuradha Kher, Online News EditorWashington, D.C.–Walker & Dunlop provided a $7 million refinance loan for the Garfield House (pictured top) located on Wisconsin Avenue in Washington, D.C. The loan was structured with a 10-year term and a 30-year amortization and was underwritten to a 52 percent Loan-to-Value with a 1.56 Debt-Service Coverage ratio. Walker & Dunlop utilized Fannie Mae’s Dual DUS ERL commitment to allow the borrower to early rate lock the interest rate on a majority of the total loan proceeds and come back for additional proceeds based on the final due diligence prior to closing. The Garfield House, built in 1964, is a 10-story community featuring 104 units, a swimming pool and one level of underground parking. The units are a mix of 85 efficiency units and 19 one-bedroom units. The property was 99 percent leased at closing. CPC, HPD Increase Existing Loan by $2.9M for Gut Renovation of Six-Story Rental New York–The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have increased an existing loan by $2.9 million for the gut renovation of two occupied six-story rental buildings (pictured right) in the Hamilton Heights section of Harlem, N.Y. The buildings, located at 540-550 West 144th St., feature 60 rental units and were originally financed by CPC in 2005 with a construction and permanent loan of $7.9 million. To cover increased costs, CPC has provided an additional $535,000 on its portion of the loan and HPD has provided an increase of $2,453,359 for the installation of a new elevator and new sheetrock – improvements not initially included in the scope of work.