BETHESDA, Md., Dec. 3, 2020 /PRNewswire/ -- Walker & Dunlop,
Inc. announced today that it structured $14,120,000 in Fannie Mae financing for the
acquisition of Blackbob Court Townhomes. Located in
Olathe, Kansas, within the
Kansas City Metropolitan Area, the
affordable multifamily community consists of 41 townhome-style
buildings comprised of 161 apartment units.
Led by Dustin Swartz, Managing
Director, and Karl Rincavage, Senior
Analyst, Walker & Dunlop arranged the loan on behalf of the
borrower, Vazza Real Estate Group. The loan was processed using
Fannie Mae's Green Rewards Program, which provides lower pricing
and additional loan proceeds to support financing green property
improvements.
"This property is a fantastic addition to our multifamily
portfolio," said Stephen F. Vazza,
President of Vazza Real Estate Group. "We really like the
Kansas City market and are
actively looking for more multifamily opportunities in the area."
Vazza Real Estate Group is a Boston-based real estate firm with a portfolio
that is primarily focused on major secondary markets with strong
economic drivers. "We are seeing better cap rates and overall
returns in these markets," Vazza went on to say. "With interest
rates at a historic low, we have been able to acquire over 1,200
apartments this year in excellent markets including Kansas, Kentucky, and Alabama."
Mr. Swartz added, "This deal demonstrates Fannie Mae's ability
to provide very attractive financing terms for affordable housing
properties, which support Fannie Mae's mission-driven housing
goals. Working with Fannie Mae, we provided an excellent debt
execution for the borrower to fund 80 percent of their purchase
price on a 12-year fixed rate loan with a four-year interest-only
period. This is Walker & Dunlop's first transaction with Vazza
Real Estate Group, and we look forward to working with them on many
future debt opportunities."
The property was built in three phases between 1994 and 1998
with Low Income Housing Tax Credit (LIHTC) equity. A Land Use
Restrictive Agreement (LURA) is tied to each phase of the property,
with 130 apartments, representing 81 percent of the total units,
restricted to households earning 60 percent or less of area median
income.
Walker & Dunlop is one of the largest multifamily lenders
and ranks within the top five affordable lenders in the United States. For more information about
Walker & Dunlop's commitment to corporate responsibility,
including our Diversity & Inclusion, affordable housing, and
Green Financing initiatives, download our 2020 ESG
summary.
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. The company provides a
comprehensive range of capital solutions for all commercial real
estate asset classes, as well as investment sales brokerage
services to owners of multifamily properties. Walker & Dunlop
is included on the S&P SmallCap 600 Index and was ranked as one
of FORTUNE Magazine's Fastest Growing Companies in 2014,
2017, and 2018. Walker & Dunlop's 900+ professionals in 40
offices across the nation have an unyielding commitment to client
satisfaction.
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SOURCE Walker & Dunlop, Inc.