Walker & Dunlop Closes $9M Loan for 242-Unit Community in Columbus
- Apr 13, 2016
Columbus, Ohio—Walker & Dunlop structured a $9 million loan for a 242-unit multifamily community in Columbus, Ohio. The loan for Autumn Springs Apartments was structured as a Fannie Mae ten-year fixed rate loan with one-year interest-only, followed by a 30-year amortization schedule.
Located at 5500 Floral Circle S., Autumn Springs Apartments features one-, two- and three-bedroom floorplans with unit sizes ranging between 575 and 950 square feet and rents between $551 and $861. Community amenities include a business center, clubhouse, courtyard, fitness center, playground, on-site management and maintenance, sundeck, BBQ/picnic area and a swimming pool. As of October 2015, the property was 95.5 percent occupied.
Autumn Springs Apartments was acquired by Capital SMART in 2013 and has undergone $3 million in property renovation since then, including almost $2 million in interior upgrades.
“Walker & Dunlop is pleased to have provided numerous acquisition/rehab loans to Capital SMART as they expand their portfolio. Capital SMART exemplifies the art of repositioning older assets with expert management, efficient construction, and always having the residents’ best interest in mind,” said Michael Liefer, vice president of Walker & Dunlop, in prepared remarks.
Image courtesy of Autumn Springs Apartments