TODAY’S DEALS: Walker & Dunlop Closes $27.5M Refinance
Walker & Dunlop lands $27.5 million in financing; Wood Partners and Love Funding close on a $26.8 million construction loan; and Alliant Capital completes an $8.1 million refinance loan carrying 3.21 percent interest.
Mill Creek, Wash.—Walker & Dunlop has provided $27.5 million in financing for The Hawthorne, a 284-unit community located in Mill Creek, Wash. The refinance loan was a credit substitution within an existing Fannie Mae Credit Facility. This provided the borrower with structuring options, prepayment flexibility and multiple debt maturities. The loan was underwritten to a 48 percent LTV with a 1.75x debt-service coverage ratio. The transaction was structured with a five-year term and a 30-year amortization schedule.
The Hawthorne was built in 2003 and is located just north of Seattle’s central business district. Community amenities include a clubhouse, outdoor pool and spa area, fitness center, sports courts, barbecue area, and a playground. The 26-building asset offers one-, two- and three-bedroom units. The Hawthorne was 97 percent leased at closing.
Love Funding, Wood Partners close $26.8M for Miami development
Miami—Wood Partners and Love Funding have announced the closing of a $26.8 million loan for the construction of Alta Mira Apartments, a new 240-unit market-rate community in Miami. Construction is set to begin in July with first occupancy scheduled for February 2013.
Love Funding secured the financing through HUD’s 221(d)(4) loan program, which allowed Wood Partners to land a fixed, low-interest rate financing for the initial 16-month construction period and for the 40-year permanent loan.
Alta Mira is the first new apartment development to be built in the immediate market in recent years. Amenities will include a 3,680-square-foot clubhouse complete with a computer center, fitness center and kid’s playroom. The property is also directly across the street from a new Whole Foods and is close to Miami’s central business district and beaches.
Wood Partners’ investor is Wesplan Investors, a privately help company that owns and manages 26 apartment properties. The project was designed by MSA Architects of Miami and will be built by Current Builders. Laramar Group’s South Florida division will manage the property.
Alliant completes $8.1M refi loan carrying 3.21 percent interest
Asheville, N.C.—Alliant Capital LLC announced the $8,118,750 refinance of Carson’s Creek Apartments, a 160-unit garden style property located in Asheville, N.C. This transaction was originated by Mary Dee Clancy, Alliant’s senior vice president in the Washington, D.C. office.
The loan was closed on May 31, 2012 with a 3.21 percent interest rate and a seven-year adjustable rate term with 30-year amortization. This loan was sized to 75 percent loan-to-value.
