Bethesda, Md.–Walker & Dunlop Inc. announced that its subsidiary, Walker & Dunlop LLC, provided a $177 million loan secured by the Waterfront at Pu’uloa, a residential community located in Honolulu, Hawaii.
The Fannie Mae DUS loan was structured as a floating-rate financing with five years interest only. The loan contains a flexible pre-payment option and is structured to allow the partial release of collateral during the loan term.
The Waterfront at Pu’uloa is a 1,449-unit residential community divided into three oceanfront neighborhoods. Common amenities include a fitness center, community center, seven playgrounds, two basketball courts, two tennis courts, three sand volleyball courts, a co-operative childcare center and teen recreational center. In addition, the community offers an elementary school, a marina with 33 docking stations, a picnic area with grills, maintenance warehouse and a coffee shop.
Walker & Dunlop Senior Vice President of Multifamily Finance Drew Anderman, in the company’s New York office, led the Walker & Dunlop team, along with Assistant Vice President of Multifamily FinanceAlan Blank.
Tryko grabs a 465-unit property in Baltimore
Baltimore—Tryko Partners LLC has acquired Loch Raven Village, a 495-unit community located in Baltimore’s Towson neighborhood, for a purchase price of $26 million. The transaction was lead by Uri Kahanow, director of acquisitions at Tryko. CBRE’s Baltimore office served as the broker. Seller GA loch Raven Baltimore LLC purchased the property for $38.5 million in 2006 and completed capital improvements valued at $2.1 million.
Loch Raven Village is one of the larger multifamily communities in Maryland. The asset was built in 1950 and consists of 95 colonial brick, garden-style buildings situated on 20 acres. The mix of one-, two- and three-bedroom units is currently 89 percent leased. Tryko plans to put an additional $4 million in additional work into Loch Raven Village, with improvements focused on remodeling kitchens, renovating bathrooms and placing central air conditioning in all units.
“We purchased Loch Raven Village at a very healthy price per unit, which is enabling us to invest significantly in upgrades,” says Kahanow. “The last owners did some ‘heavy lifting’ and we are working on the remaining requirements to bring the property to a higher level.”
Praedium, McDowell JV acquires 256-unit community for $45M
Daly City, Calif.—The Praedium Group and its partner, McDowell Properties, have acquired Skyline Heights in Daly City, Calif. The 256-unit garden-style community was purchased for $45 million in what was the joint venture’s first transaction together.
“This investment was very attractive to us, in part due to its physical condition and central location within the San Francisco Bay area,” says David Dowell, vice president and head of Praedium’s Central and Pacific Northwest Region. “We believe our planned selective capital improvements will further enhance the quality and appeal of this Daly City residential complex, and position the property to capitalize on the continued strength of the market.”
Skyline Heights is a gated community with amenities that include a heated pool, fitness center, barbecue and picnic areas, and onsite laundry. There is also a nearby Bay Area Rapid Transit line. The property is currently 93 percent leased.