Walker & Dunlop Handles Acquisition Financing for NC Community
- Dec 02, 2016
Mooresville, N.C.—Walker & Dunlop recently announced that it originated a $26 million short-term bridge loan through its interim loan program (ILP) and subsequently arranged a seven-year Freddie Mac financing for borrower Waypoint Residential. The company used the loan to purchase Waterlynn Ridge Apartments, a property in Mooresville.
Located 25 miles from Charlotte, Waterlynn Ridge is a garden-style apartment property built in 2008, with one-, two- and three-bedroom units. With easy access to I-77 and just off Exit 33, Waterlynn Ridge is within a mile of Lake Norman Regional Medical Center and Lowe’s corporate headquarters. It’s also 4 miles from NASCAR Technical Institute. The community has 312 units and features amenities such as a pool, fitness center, barbecue area, playground and walking trail. The property manager, Waypoint Management, is a subsidiary of the borrower and currently manages 9,000 multifamily units across the southeastern U.S.
“Walker & Dunlop’s platform of diverse financing solutions allows us to structure creative transactions that meet the varying needs of our borrowers. By using the company’s interim loan program, Waypoint Residential was able to acquire Waterlynn Ridge and subsequently secure long-term financing at a competitive rate,” said Craig West, managing director at Walker & Dunlop, in prepared remarks.
Since the inception of the ILP in 2012, Walker & Dunlop has arranged permanent financing on 87 percent of the loans that have utilized the program through the end of October 2016.
Image courtesy of Waterlynn Ridge Apartments