Walker & Dunlop Provides $278M Credit Facility
- May 13, 2014
Bethesda, Md.—Walker & Dunlop has provided a $278 million Fannie Mae Credit Facility for Milestone Apartment REIT. Andrew Tapley led the team that structured the financing with full-term interest only. The facility consisted of a mix of fixed- and variable-rate notes collateralized by 20 multifamily assets located in Arizona, Florida, Georgia, Tennessee and Texas.
“Milestone is a long-standing, important customer of Walker & Dunlop’s and we are delighted to have closed this Facility for them with Fannie Mae,” says Howard Smith, COO at Walker & Dunlop. “We have worked on this portfolio for years and each time have taken steps to ensure that we structure a loan that meets Milestone’s strategic needs. We look forward to continuing our relationship with Milestone and providing them with the financing to continue to grow their multifamily portfolio.”
Walker & Dunlop structured the original facility for Milestone in 2005 and added additional assets to the facility in 2008.
Greystone Acquires 228 units in North Carolina
Greensboro, N.C.—Greystone has picked up Allerton Place Apartments, a 228-unit community located in Greensboro, N.C., which is the largest city in the state’s Piedmont Triad region. The 1997-built property fits in well with Greystone’s strategy of seeking out multifamily properties where it can invest in renovations and improved property management. Summit Equities was the seller.
The community is comprised of 14 garden-style buildings with an accompanying clubhouse and leasing center. Greystone Property Management Corp. will run day-to-day operations at the property.
“We are thrilled to add Allerton Place to our growing portfolio of multifamily properties,” says Bill Guessford, managing director of Greystone acquisitions and vice president of Greystone Property Management. “This asset serves as the ideal example for how we can add value as part of our unique owner / operator strategy, and we hope to continue investing in this region.”
Oak Grove closes $123.4M over past month
St. Paul, Minn.—Oak Grove Capital has originated 13 loans totaling $123.4 million for affordable, market rate, co-op and seniors housing across the country from April 9 through May 6. The deals ranged from $35 million to $1.5 million. Affordable facilities totaled $104 million, while market rate facilities totaled $19.3 million.
The largest affordable housing deal was for Timbercroft Townhomes & Apartments, a 284-unit community in Owings Mills, Md. The $35 million FHA 221 (d)(4) – Multifamily loan was facilitated by Tim Leonhard, managing director of affordable housing, Oak Grove Capital.
The largest market rate housing deal was for South Park, a 46-unit complex in Sherman Oaks, Calif. The $5.6 million FHA 223 (f) – Multifamily loan was facilitated by Levi Brooker, vice president, Oak Grove Capital.
A chart below details the transactions.