TODAY’S DEALS: Walker & Dunlop, ARA JV Closes $110M in Loans

A Walker & Dunlop, ARA joint venture completes five financings valued at $110 million; Centerline provides $21 million in acquisition financing; and HFF supplements a first mortgage with a $5.3 million loan.

Bethesda, Md.—A joint venture between Walker & Dunlop Inc. and ARA has recently financed five properties with loans totaling $110 million. The venture, called ARA Finance LLC, provided $615 million in finance in sales activity for Walker & Dunlop in 2012. The five most recent deals (outlined below) were completed in 2012 and 2013.

“These deals show the strength of ARA Finance, where two of the largest companies in their respective sector of the multifamily market come together to provide clients with the best execution available,” says ARA Finance president & COO, Tom MacManus.

The venture arranged acquisition finance for Park Colony Apartments, a 316-unit community located in Hollywood, Fla.; provided financing for Polo Glen Apartments, a 252-unit asset in Rockledge, Fla.; provided a refinance loan for Mountain Ranch Apartments, a 196-unit property located in Austin; and landed acquisition financing for The Legends at Preston and Dunhill Trace, two garden-style assets located in North Carolina.

Centerline Capital facilitates three-property acquisition

Texas & Virginia—Centerline Capital Group has provided three conventional Fannie Mae DUS loans totaling $21 million to enable the purchase of three properties. Two of the assets are located in Texas, the other in Virginia.

A $6 million loan was provided for the acquisition of Hilltop Gardens, a 238-unit asset located in North Richland Hills, Texas. A $5.6 million loan was arranged for the acquisition of Audubon Park Apartments, a 260-unit community located in Mesquite, Texas. Centerline provided a $9 million loan for the acquisition of Rollingwood Apartments, a 278-unit asset located in North Chesterfield, Va.

“We were pleased that these three loans came together so well and were able to deliver on each of these financings simultaneously, and as part of the same portfolio,” says John Beam, managing director in the mortgage banking group at Centerline Capital. “The loans were provided to the same borrower, a repeat Centerline customer that is a well-known, seasoned real estate investor with a solid track record for success.  We are already analyzing new business with this important client.”

HFF arranges $5.3M in supplemental financing for an Ann Arbor asset

Signature Club Apartments

Ann Arbor, Mich.—Holliday Fenoglio Fowler has arranged $5.3 million in supplemental financing for Signature Club Apartments, a 324-unit community located in Ann Arbor, Mich. The firm worked on behalf of Marquette Cos. to secure the five-year, 3.97 percent financing through Freddie Mac’s CME program, supplementing the first mortgage that HFF arranged in 2011.

Signature Club Apartments is currently 97.5 percent leased. Amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse.





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