BETHESDA, Md., Feb. 20, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. (NYSE: WD) announced today that it closed a
$34,425,000 United States
Department of Housing and Urban Development (HUD) loan for
Meridian Parkside, a Class A multifamily property in
Newport News, Virginia.
Dwight D. Dunton III of
Bonaventure Realty Group and Phillip R.
Roper III (the "Borrowers") purchased the property in 2016.
Walker & Dunlop worked in partnership with HUD's Baltimore office to refinance the property
with a 35-year, low-interest loan through HUD's 223(f) program. The
financing paid off the existing bridge loan and a portion of the
partnership debt from the original purchase, enabling the Borrowers
to make immediate, short-term, owner-elected repairs. Walker &
Dunlop's Hal Reinauer, Tom Toland, and Chris
Rumul spearheaded the financing assignment.
Built in 2008, Meridian Parkside is a garden-style apartment
community consisting of 13 buildings and 308 units. Situated on a
13-acre site, the property is within walking distance to Sandy
Bottom Nature Park and just minutes away from Interstate 64,
Fort Eustis, Langley Air Force
Base, and Huntington Ingalls Industries, one of America's largest
shipbuilding companies. The property offers spacious one-, two-,
and three-bedroom apartments, a 24-hour fitness center, business
center, game room, grilling stations, and a resort-style pool and
sundeck.
For more information about Walker & Dunlop's financing
options, visit our website and read the following press releases
regarding recently-completed HUD loans:
- Class A Multifamily Project Near Green Bay Packers' Lambeau
Field Receives $15.5 Million Green
Construction Loan via Walker & Dunlop
- Walker & Dunlop Closes $94
Million Loan, Preserving 151 Units of Affordable Housing in
Manhattan
- Walker & Dunlop Provides $61
Million Loan for New Bozzuto Apartment Community
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and 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 600 professionals in 28 offices across the nation
with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.