BETHESDA, Md., Nov. 16, 2016 /PRNewswire/ -- Walker &
Dunlop, Inc. (NYSE: WD) (the "Company") announced today that it
closed two Fannie Mae loans totaling $160,711,000 with Cortland Partners for the
acquisition and moderate rehabilitation of Stoneridge
Apartments and Century Northlake Apartments. Both
transactions were financed using Fannie Mae's Structured
Adjustable-Rate Mortgage (SARM), a variable interest rate loan that
provides long-term financing with attractive floating rates and
prepayment flexibility.
Year to date through September 30, 2016, one third of
Walker & Dunlop's total lending through Fannie Mae and Freddie
Mac has been floating rate, as experienced borrowers with a wide
array of investment objectives choose to take advantage of the
attractive rates and flexible terms offered by this loan type.
Stephen Farnsworth, managing director, led the New Orleans-based team. He commented,
"Cortland Partners is an experienced sponsor that has a unique
investment horizon for each property in its portfolio. Our team
worked with Cortland to determine that Fannie Mae's SARM was the
most strategic execution for these properties, and we tailored the
loan terms of each transaction to best align with the sponsor's
strategy."
"We were so pleased to work with Walker & Dunlop and
Cortland Partners to finance these apartment communities," said
Jeffrey Ketron, Director,
Multifamily Customer Engagement for Fannie Mae. "Our SARM execution
was the perfect fit because of how fast-moving these acquisitions
needed to be. Thanks to our team's review and quick
delegation back to Walker & Dunlop, they were able to meet all
of the timing and structure flexibility requested by the
borrower."
Stoneridge Apartments and Century Northlake Apartments are
garden-style apartment communities located in Ashburn, Virginia and Charlotte, North Carolina, respectively.
Cortland Partners plans to take advantage of these two
rapidly-growing markets by repositioning the properties through
capital improvements, unit renovations, and rebranding to capture
substantial rent premiums. The SARM backed by Stoneridge is a
7-year, full term interest-only loan, and the SARM backed by
Century Northlake is a 10-year loan with a 5-year interest-only
period.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
finance companies in the United
States providing financing and investment sales to
owners of multifamily and commercial properties. Walker &
Dunlop, which is included in the S&P SmallCap 600 Index, has
over 500 professionals in 24 offices across the nation with an
unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.