TODAY’S DEALS: Walker & Dunlop Closes $10,680,000 Acquisition Loan for 224-Unit Garden-Style Project, and Other Transactions

By Anuradha Kher, Online News EditorLexington, Ky.–Walker & Dunlop provided a $10,680,000 loan for Spring House Apartments located in Lexington, Ky. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Spring House Apartments is a 224-unit garden-style…

By Anuradha Kher, Online News EditorLexington, Ky.–Walker & Dunlop provided a $10,680,000 loan for Spring House Apartments located in Lexington, Ky. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Spring House Apartments is a 224-unit garden-style apartment community built in 1986 and situated on 17.5 acres near the Lexington commercial business district. Common amenities include garages, carports, tennis courts, swimming pool and a clubhouse. The property was 95 percent leased at closing. NorthMarq Capital Arranges $3.92M Mortgage for 109-Unit Rental CommunitySioux City, Iowa.–NorthMarq Capital recently arranged first mortgage financing of $3.92 million for Clifton Estates Apartments, a 109-unit multifamily property, located in Sioux City, Iowa. Financing was based on a 10-year term with two years interest-only payments followed by a 30-year amortization schedule and was arranged for the borrower, Bandit Inns LLC, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

You May Also Like