TODAY’S DEALS: Walker & Dunlop Provides $12M Loan for 408-Unit Apartment Community, and Other Transactions

By Anuradha Kher, Online News EditorOmaha, Neb.–Walker & Dunlop provided a $12,100,000 loan for Legacy Crossing Apartments (pictured) located in Omaha, Neb. The loan was structured with a 10-year term with two years interest-only, followed by a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value and a 1.25x debt-service coverage ratio. Legacy Crossing Apartments is a B class, 408-unit garden-style apartment complex featuring an outdoor pool, tennis courts, fitness center, java café and computer stations, children’s playground and clubhouse. The borrower recently completed over $2 million in improvements to the property, which included reconstruction of balconies, new roofs, clubhouse renovation, landscaping work and interior unit upgrades. HFF Arranges $5M Refi Loan for 162-Unit Rental CommunityHumble, Texas–HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $5 million refinancing for Deerbrook Garden, a 162-unit multifamily community in Humble, Texas.HFF managing director Jeff Knowles worked on behalf of the borrower, Deerbrook Garden Apartments Ltd, to secure the 5.83 percent fixed-rate Fannie Mae loan with Wachovia Multifamily Capital Inc. The financing replaces an existing CMBS loan that was used to purchase the property in 2004.Deerbrook Garden is located at 1230 FM 1960 East, in close proximity to Deerbrook Mall and Bush Intercontinental Airport approximately 18 miles northeast of Houston’s central business district. Completed in 1983, the property includes one- and two-bedroom units with five different floor plans that feature a washer/dryer in every unit, wood-burning fireplaces and valet trash service.  The property is managed by Houston-based Asset Plus Cos. and is 100 percent occupied