BETHESDA, Md., May 12, 2022
/PRNewswire/ -- Walker & Dunlop, Inc. announced today that
it structured $47,000,000 in
financing for the development of The Line, a 219-unit, Class A+
multifamily project in Savannah,
Georgia. Situated just three blocks from the Savannah River,
the development is within walking distance to all of Savannah's outstanding retail and lifestyle
amenities.
Located in Savannah's downtown
area, the property is within the bounds of a designated Economic
Opportunity Zone census tract. Opportunity zones were established
by Congress in the Tax Cuts and Jobs Act of 2017 and encourage
long-term investments in designated low-income areas by offering
incentives in the form of lower or deferred capital gains
taxes.
Led by Chris Rumul and
Taylor Williams, Walker & Dunlop
arranged the construction financing on behalf of the developer,
Standard Communities, a leading national multifamily housing
investor and developer and repeat client. Collaborating across the
Walker & Dunlop platform, the team pooled resources from their
FHA Finance and Capital Markets groups to identify the ideal
financing source for their client. The resulting financing was
sourced from a regional life insurance company and includes both
construction and permanent financing in a single loan. The team
worked to ensure the financing terms were consistent with
opportunity zone guidance, securing a 12-year construction term
with four years of interest-only payments.
"We are incredibly proud to play a part in the development of
such a unique project and are excited to bring this distinctive,
elevated living experience to Savannah," said Jeffrey Jaeger, Co-Founder and Principal of
Standard Communities. "Thanks to the diligent work by our funding
partners, The Line will fulfill a much-needed demand for
multifamily rentals in this rapidly growing area."
Standard's primary goal will be to maintain the integrity of the
property's original structure while combining the benefits
and amenities of a new construction, modern apartment
community. The resulting community will include two buildings in
total and will fit seamlessly into the old-meets-new vibe of
downtown Savannah. The Line will
feature a full upscale amenity package, including a terrace level
with a pool, sundeck, fitness center, and grill area. The project
will also include onsite parking, a clubroom with views of
Downtown Savannah and the Savannah
River, and resident storage. Savannah boasts a vibrancy that attracts young
professionals, relocated families, and tourists. The region's
dynamic economy has drawn large corporations, such as Gulfstream,
Savannah's largest employer, which
employs around 9,800 people at its production facility.
Walker & Dunlop is the third largest provider of capital to
the U.S. multifamily market, originating $49
billion in transactions and lending over $42 billion for multifamily properties in 2021.
With one of the strongest networks in the industry, the firm's 2021
brokered loan originations totaled $30
billion, a 170% increase over 2020. To learn more about our
Capital Markets capabilities and financing options, visit
our website.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is one of the largest providers of capital
to the commercial real estate industry, enabling 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 makes us
more insightful and valuable to our clients, providing an unmatched
experience every step of the way. With over 1,300
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.