Walker & Dunlop Secures Financing for Texas Community
- Aug 14, 2017
Walker & Dunlop Inc. has secured an $18.5 million loan for The Flats at Frankford Station, a Class A apartment community in Dallas’ northern suburb, Carrollton, Texas. The company placed the debt with Fannie Mae on behalf of Frankfurt Properties LLC.
Located at 1652 W. Frankford Road, the 185-unit community consists of one- and two-bedroom floorplans ranging in size from 640 to 1,280 square feet. Common amenities include a fitness center, swimming pool with sun deck, outdoor kitchen, controlled access and 278 parking stalls. The residential asset reached 93 percent occupancy as of June 2017, according to Yardi Matrix. Located on a 4.7-acre land parcel, The Flats at Frankford Station was completed in 2016 and comprises a single four-story building with an enclosed courtyard where amenities can be found. The property features lake and golf course views, being situated across from Indian Creek Golf Course. Additionally, the community is also in the vicinity of the DART Light Rail Station.
Stabilized occupancy, strong demand
The 10-year loan was structured with five years of interest-only payments and a fixed rate of under 4 percent. The property qualified for a Green Building Certification, allowing Walker & Dunlop the opportunity to leverage discounted pricing, maximize loan proceeds and achieve an accelerated closing time for the borrower. The refinance also includes a cash component, which will be used to pay off the construction loan.
“Although this property had just completed its construction process, we were comfortable proceeding with a new permanent loan before occupancy stabilized due to the strong demand in the market. This was evident by the leasing, which reached over 90 percent in less than six months from receiving its first certificate of occupancy. By the time we funded the loan, the property was 100 percent occupied,” Walker & Dunlop’s Managing Director Stuart Wernick said in a prepared statement.
Wernick, along with Loan Officer Matt Newton led the team that placed the debt on behalf of the borrower.
Images courtesy of frankfordflats.com