Walker & Dunlop provided one of its long-time, repeat borrowers with six loans, totaling $99.7 million, for the acquisition of several Class B multifamily properties in Texas. Senior Vice President & Managing Director Alex Inman and Vice President Jon Hyduke secured the loans with a large regional bank.
“After canvassing the market, the most desirable financing option for the borrower ended up being with a regional bank, whose bridge loan included an attractive ‘value ad’ component,” Inman said.
The bridge loans were arranged with three-year terms and attractive interest rates. On behalf of the Dallas-Forth Worth borrower, the Walker & Dunlop team structured the financing at 75 percent loan-to-cost. This provided the necessary capital to complete extensive renovations at the Texas communities. The portfolio includes 1,795 units and feature various amenities including pools, workout rooms and basketball courts.
Walker & Dunlop declined to make any additional comments on the identity of the borrower or on the location of the properties.
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