By Anca Gagiuc
Walker & Dunlop structured a $33.5 million loan for the acquisition of The Place at Castle Hills, a Class B, garden-style property located in suburban San Antonio. The community is situated near interstates 10 and 210, the San Antonio International Airport and Phil Hardberger Park.
The execution was based on Freddie Mac’s Green Up financing program. The loan proceeds will be used to refinance the existing loan and fund environmental improvements, such as low flow kitchen and bathroom faucet aerators, shower heads and toilets. According to Yardi Matrix data, the seller was MC Cos. Managing Director Alex Inman led the Walker & Dunlop team.
Built in 1984, the 73-building, 680-unit community is situated on more than 23 acres at 11800 Braesview Drive, in Hill Country Village submarket, 13 miles north of San Antonio. The unit mix consists of one- and two-bedroom floorplans averaging 687 square feet. Units feature vaulted ceilings, washer and dryer hookups, outdoor storage and fireplaces in second floor units. Common area amenities include a fitness center, clubhouse, courtyards, walking trails, four swimming pools, spa, gated access and 1,126 parking spaces.
“We saw an opportunity for the borrower to save a significant amount of money by refinancing with a long-term, fixed rate product through Freddie Mac’s Green Up and Index Lock programs,” Inman said in prepared remarks. “We mitigated the interest rate volatility during underwriting with the index lock and closed the loan in under 60 days, all while significantly reducing the borrower’s annual debt service requirements. All in all, this execution was a highlight in the MC Cos.-Walker & Dunlop portfolio.”
Image courtesy of Walker & Dunlop