BETHESDA, Md., Nov. 29, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured $15,000,000 in financing for the Hamilton
Park, Tully Trail, and Memory Village, a
collection of build-for-rent neighborhoods located in
Tyler, Texas.
Each of the build-for-rent (BFR) neighborhoods feature
contiguous, newly built single-family rental homes that are
competitively priced. Each home is approximately 1,400 square feet,
boasts three bedrooms and two bathrooms, and features fully
maintained lawns and landscaping, a two-car garage, private fenced
backyards, and open floorplans. Built between 1996 and 2021, the
homes are in very high demand, with all 123 currently 100%
occupied.
Stuart Wernick, SVP and Managing
Director, and Drew Garrison,
Director, led the Walker & Dunlop team in arranging the
refinance for the sponsor, a regional custom home builder, a
vertically integrated construction, development, and property
management company. Utilizing their broad network of capital
providers, the team partnered with a regional bank, which proved to
be the most attractive lender for their client. The resulting
financing was a non-recourse structured solution with a fixed rate
in the low fours for a term of 30 years with flexible prepayment
options.
Mr. Wernick stated, "As one of the most popular and
fastest-growing asset classes, this portfolio garnered significant
interest with the capital markets. The sponsor's team also added
value, with demonstrated success in the industry and a significant
amount of combined construction, development, and operational
experience."
Appealing to families and young professionals alike, the
portfolio is located in Tyler, an
attractive economic hub within the East
Texas region. Tyler's
economy has performed well, with more than double the U.S. average
for employment growth in recent months. The metro economy is
heavily concentrated in education and health services, as well as
the trade, transportation, and utilities super-sectors. The area's
two largest employers are East Texas Medical Center and Christus
Trinity Mother Frances, which employ approximately 3,400 each.
Walker & Dunlop's BFR & SFR Practice Group is
comprised of 12 experts strategically positioned across the
business to finance and sell these specialty communities. Our
national team provides expert guidance on property sales, debt
origination, and the structuring of equity to generate optimal
returns and strategic relationships for our clients. The team is
active with over fifty groups in the space, which range from
institutional clients, homebuilders, multifamily developers, and
individual investors. With an active pipeline of over $1.9 billion of transaction volume, the team has
extensive experience executing on lending, capital brokerage, or
investment sales opportunities. For more information on our
Build-for-Rent practice group or to connect with an expert, visit
our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of
capital to the multifamily industry in the United States and the fourth largest
lender on all commercial real estate including industrial, office,
retail, and hospitality. Walker & Dunlop enables real estate
owners and operators to bring their visions of communities — where
Americans live, work, shop and play — to life. The power of our
people, premier brand, and industry-leading technology make us more
insightful and valuable to our clients, providing an unmatched
experience every step of the way. With over 1,000
employees across every major U.S. market, Walker & Dunlop
has consistently been named one of Fortune's Great
Places to Work® and is committed to making the
commercial real estate industry more inclusive and
diverse while creating meaningful social, environmental,
and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.