BETHESDA, Md., Dec. 1, 2016 /PRNewswire/ -- Walker & Dunlop,
Inc. (NYSE: WD) (the "Company") announced today that it recently
originated a $26 million short-term
bridge loan through its interim loan program (ILP) and subsequently
arranged the permanent Freddie Mac financing. The borrower,
Waypoint Residential, used the bridge loan to acquire Waterlynn
Ridge Apartments, an apartment community located in
Mooresville, North Carolina.
The ILP program uses the Company's own balance sheet to provide
short-term loans for properties that do not yet qualify for
permanent financing through Fannie Mae, Freddie Mac or HUD. Since
the inception of the ILP in 2012 through October 31, 2016, Walker & Dunlop has
arranged the permanent financing on 87% of the loans that have
utilized the program.
Managing Director, Craig West, led the Walker & Dunlop team
that arranged both the bridge loan and the 7-year Freddie Mac loan.
Mr. West stated, "Walker & Dunlop's platform of diverse
financing solutions allows us to structure creative transactions
that meet the varying needs of our borrowers. By using the
Company's interim loan program, Waypoint Residential was able to
acquire Waterlynn Ridge and subsequently secure long-term financing
at a competitive rate."
Waterlynn Ridge Apartments is a garden-style apartment property
located 25 miles from Charlotte, North
Carolina in Mooresville, a
submarket that has recently seen strong rental growth and
occupancy. Built in 2008, the property has 312 units and features
amenities such as a resort style pool, state of the art fitness
center, barbecue area and a walking trail. The property manager,
Waypoint Management, is a subsidiary of the borrower and currently
manages 9,000 multifamily units across the Southeastern United States.
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 over 25 offices across the nation with an
unyielding commitment to client satisfaction.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/walker--dunlop-tailors-acquisition-financing-for-waterlynn-ridge-apartments-300370896.html
SOURCE Walker & Dunlop, Inc.