Warmington Properties Secures $190M for Portfolio Refi
- May 10, 2017
Walker & Dunlop Inc. structured six Freddie Mac and Fannie Mae loans totaling $190.2 million to refinance a 1,240-unit portfolio of Class A and B communities in California and Nevada, held by Warmington Properties Inc. Gregory Richardson and Scott Watson led the Walker & Dunlop team.
The five Freddie Mac loans and one Fannie Mae loan were structured with 10-year terms and 30-year amortization schedules. The non-recourse, fixed rate executions were arranged with a cash-out component. Warmington began a value-added program across its portfolio in 2014, including the complete renovation of property amenities, building exteriors and unit interiors.
The four refinanced properties in California were Clock Lusk Apartments and Casa Grande Apartments in Cypress, Serrano Highlands in Lake Forest and Sycamore Greens Apartments in Vista. The two properties in Nevada were The Clubs at Rhodes Ranch and Martin Apartments in Las Vegas. Martin Apartments qualified for an early rate lock and low interest rate with Fannie Mae’s Green Rewards program. All the properties had an average occupancy rate of more than 95 percent, boasting amenities such as a pool, spa and sauna, fitness center, clubhouse, barbecue area and car wash. The properties offer quick access to schools, retail centers and major transportation routes.
Images courtesy of Walker & Dunlop Inc.