Walker & Dunlop Structures Refi for Bozzuto Property
- Aug 23, 2016
National Harbor, Md.—Walker & Dunlop structured a $54.3 million loan for The Esplanade at National Harbor—a 262-unit apartment property in the Washington, D.C., suburb of National Harbor, Md. The 10-year Fannie Mae loan includes five years interest only, followed by a 30-year amortization schedule.
The Esplanade’s LEED Silver certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower to receive lower pricing. Also, Fannie Mae’s flexibility to rate-lock and close on one month of stabilized collections allowed the borrower to close at the earliest date possible. The new loan replaced a $52.8 million construction loan from Bank of America.
The property, developed by Bozzuto Group and the Peterson Cos., was completed last year. Bozzuto also manages the apartment community, which includes a mix of one-, two- and three-bedroom units, with rents ranging from about $1,800 to $3,900 per month.
Common amenities include a fitness center, business center, swimming pool and clubhouse. The Esplanade was designed by Heffner Architects, with interiors by Hartman Design Group. The property is currently 97 percent occupied.
Bethesda, Md.-based senior vice president Dan Martin and managing director Brendan Coleman led the Walker & Dunlop team. “The Green program for LEED-certified assets provided the sponsor with a significant pricing advantage relative to other similarly leveraged assets,” said Martin.