By Anca Gagiuc
Walker & Dunlop structured a $15.5 million construction loan for a Class A multifamily property located along the western bank of the Fox River in Ashwaubenon, Wis. Bedford Development will use innovative construction techniques, which will quality the project for National Green Building Standard (NGBS) designation.
The 40-year, fixed-rate loan was arranged via the United States Department of Housing and Urban Development (HUD) 221(d)(4) program and includes a two-year construction term and provides both construction and permanent financing. Senior Vice President Brandon Strong and Managing Director Chris Rumul led the Walker & Dunlop team.
Ryan Bedford, EVP of Developments at Bedford Development said in prepared remarks that “No HUD 221(d)(4) loan is a walk in the park, but partnering with Walker & Dunlop’s team of professionals made the process much easier. Their vast knowledge and experience in the HUD world made the complexities of our deal a non-issue.” He added, “On behalf of the ownership group at Manseau Flats, we are very pleased to have partnered with Walker & Dunlop to close our loan and begin construction.”
Energy efficient community
Slated for completion in October 2018, Manseau Flats will be a six-story, 78-unit community with one- and two-bedroom floorplans. The property occupies a two-acre lot, offering quick access to the local bike path, an adjacent marina and several major thoroughfares. Residents will benefit from an energy efficient community, paying less for heating and cooling that is built sustainably and will withstand natural forces.
Community amenities will include a fitness center, elevator service, on-site storage, underground parking and surface parking for visitors. Units will feature a full stainless-steel appliance package, granite countertops, custom-made solid wood cabinetry, expansive windows and 10-foot ceilings. In addition, the surrounding area has undergone a vast revitalization in conjunction with the Titletown District redevelopment.
“This was an exciting project for both the Developer and Walker & Dunlop because it takes advantage of the Green MIP reduction program, which provides considerable interest rate savings to the developer. To achieve the NGBS designation, Bedford will utilize the insulated concrete form wall system. Not only is this technique environmentally-friendly, but it also provides natural disaster resistance and improves ease of construction,” added Rumul. “The Chicago and Minneapolis HUD offices were very helpful in working with us on this complex transaction. We greatly value their hard work and efforts on this project and look forward to continuing our productive partnership.”
Image courtesy of Walker & Dunlop