Two Northeastern Apartment Properties Refinanced for $23M
- Dec 12, 2012
By Dees Stribling, Contributing Editor
Wyncote, Pa.—Two Northeastern multifamily properties have obtained Fannie Mae refinance loans totaling about $23.1 million. The larger of the two properties is in Pennsylvania, while the other is in New Jersey.
Wyncote House Apartments, a mixed-use high-rise complex in Wyncote, Pa., includes 304 residential units and about 22,000 square feet of retail space within 29 commercial units on the lower levels. The refinance loan was structured with a 10-year term and a 30-year amortization that allows the borrower, Mid-Island Properties Inc., to lock in a lower interest rate for the next 10 years.
The other property is Meadowbrook Gardens Apartments, a 151-unit property in Parsippany, NJ. The refinance loan was structured with a 10-year term and a 25-year amortization to lock in the rate shortly after the application was submitted. The borrower, InterGroup Meadowbrook Gardens Inc., wanted to take advantage of current, and historically low, interest rates.
CRE finance specialist Walker & Dunlop Inc. originated both loans. The Bethesda, Md.-based has, as of the end of the third quarter, originated $4.2 billion in financing in 2012. It services $33.9 billion of commercial mortgages and asset-manages over 4,800 properties nationwide.
Multifamily originations of all stripes have been increasing recently as new properties are being developed and older, higher-interest loans are being retired for less expensive ones. According to the Mortgage Bankers Association, total multifamily mortgage debt outstanding rose to $825 billion in the third quarter of 2012, an increase of $12.1 billion or 1.5 percent from the second quarter of 2012.