Walker & Dunlop Originates $34M Loan for CA Affordable Asset
- Jul 21, 2017
Walker & Dunlop Inc. provided a $33.8 million commitment under the Freddie Mac Tax Exempt Loan Unfunded Forward Program for the permanent financing of Campus Oaks Phase I, an affordable, 186-unit, garden-style project in Roseville, Calif. Walker & Dunlop facilitated the loan for The Canel Cos. According to a California Tax Credit Allocation Committee report from November 2016, the estimated total project cost is $46.1 million. The project will be developed by Alan Ives Construction LLC.
Located at 1485 Blue Oaks Blvd., the Campus Oaks Phase I will be immediately west of the Hewlett Packard Enterprise Co. corporate campuses and other professional centers, on the site known as the Hewlett-Packard Campus Oaks Master Plan, within the North Industrial Planning Area.
Much-needed affordable housing
The 13-building property is the first of a two-phase multifamily development that will include a total of 395 units. Once completed, Campus Oaks Phase I will consist of 20 three-story buildings, featuring 186 units and a two-story clubhouse. The unit mix consists of 60 one-, 91 two- and 35 three-bedroom apartments, 42 of which will be restricted to residents earning 50 percent or below the area median income. Common area amenities will include:
- a swimming pool
- barbecue station
- fire pits
- bicycle repair station
- beach volleyball court
- bocce courts
“The Canel Cos.’ capabilities and expertise in a complex transaction combined with our partnership with Freddie Mac, enabled Walker & Dunlop to provide the forward commitment to move the project along,” said Walker & Dunlop Senior Vice President Frank Baldasare in a prepared statement.
Senior Vice President Carolyn McMullen and Baldasare led the origination team, which arranged the TEL forward commitment for construction financing upon completion and stabilization of the property. From 2011 to 2016, Walker & Dunlop has closed more than $2.7 billion in affordable housing financing across the U.S.
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