Longwood, Fla.—Walker & Dunlop Inc. has structured a $38.1 million acquisition loan for a Class B property in Longwood, Fla., known as Camden Club Apartments. Paul Ahmed led the Walker & Dunlop team that arranged the Freddie Mac 15-year fixed-rate loan at a 73 percent LTV. This was the fourth loan the shop had closed for the borrower in 2014.
The 1986-built, 436-unit property will see a value-add program targeting interior renovations. Occupancy stands at 95 percent. Amenities include a clubhouse, fitness center, swimming pool and tennis courts. Camden Club sits 14 miles from Orlando.
Greystone lands $19.5M for Atlanta acquisition
Atlanta—Greystone has provided a $19.5 million loan for Varden Capital Properties’ acquisition of Hartford Place Apartments in Atlanta. The loan was originated by Vincent Langan of Greystone and delivered to Fannie Mae under its DUS program.
Terms include 12-year financing with 30-year amortization, one year interest-only and 75 percent LTV. Hartford Place features 351 units located within the infill West Midtown area, which is close to Midtown, Buckhead and Downtown Atlanta.
Berkeley Point Capital facilitates a cash-out Fannie Mae loan
Bethesda, Md.—Berkeley Point recently closed the refinancing of Copper Canyon Alzheimer’s Special Care Center, a 66-bed Alzheimer’s care community located in Tucson, Ariz. The cash-out refinancing was structured as a fixed rate Fannie Mae 10-year loan term with a period of interest only.
Copper Canyon Alzheimer’s Special Care Center opened in 2013 and is operated by JEA Senior Living, one of the top 50 largest U.S. seniors housing operators in 2014 as ranked by ASHA. JEA Senior Living has a long history of providing quality care to dementia residents. The community is located in Tucson, Ariz., and is known for its desert and mountain views in addition to its relatively warm climate.