After providing Fannie Mae Green Rewards acquisition financing for a Dallas community in March, Walker & Dunlop closed two separate bridge loans totaling $75 million for two communities located in Washington, D.C. and Sacramento, Calif. The refinancing loans provide 12-month terms with flexible prepayment options, as well as a competitive rate.
Zen Apollo, a 274-unit Class B community, located at 1234 Massachusetts Ave. N.W., landed $41 million in financing. Situated in downtown D.C., between the Logan Circle neighborhood, the red brick property was built in 1967 and renovated in 2007. According to Yardi Matrix, the site includes 146 studio, 118 one-bedroom and 10 two-bedroom apartments.
The 176-unit 1801 L Street in Sacramento received a $34 million bridge loan. Constructed in 2006, on 1.8 acres, the five-story community provides easy access to various cultural, retail and entertainment options, such as the Community Center Theatre, California State Capitol museum or the Sacramento Convention Center. Common-area amenities include a pool, spa, dry cleaning service and gym.
“Our bridge loan program offers short-term, non-recourse loans for multifamily properties that are being repositioned as part of a new business strategy,” said Sandor Biderman, senior vice president & chief production officer at Walker & Dunlop, in prepared remarks.
Images courtesy of Yardi Matrix and Google Street View