BETHESDA, Md., March 11, 2022 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured financing for
Amavi Celina, a
build-for-rent (BFR) neighborhood to be developed in Celina, Texas. According to the Dallas
Business Journal, Celina is the fastest growing submarket for new
homes in the Dallas-Fort Worth MSA, based on the number of
residential permits issued. With construction breaking ground in
February 2022, the community will
feature 271 homes in total, with 155 cottages, 94 townhomes, and 22
single-family detached homes.
Keaton Merrell and
Shannon Hersker of Walker &
Dunlop's BFR & SFR Practice Group arranged the financing on
behalf of their client, Mill Creek Residential. The team leveraged
their broad range of capital sources to identify a lender and
secure an interest-only, four-year construction loan with a
competitive rate.
"Walker & Dunlop's comprehensive set of financing
capabilities and advisory services set them apart in the BFR space,
and we were impressed by their vast knowledge and expertise," said
Callum Parrott, president of
single-family rentals for Mill Creek Residential. "Amavi Celina will be an excellent addition to
our portfolio of over 115 multifamily communities, and we're on
pace to deliver the neighborhood's first homes in August 2023."
Ms. Hersker commented, "to secure very attractive financing for
a very well-known client. Mill
Creek is a large, institutional multifamily and BFR
developer. Their Amavi brand is a great fit for the sunbelt region,
with the increasing demand for this product type in major
Texas suburbs."
Located just 35 miles north of Dallas, Amavi
Celina offers convenient access to several employment
centers, including the 24 Fortune 500 companies headquartered
within Texas' largest MSA.
Household growth in Collin County,
where Amavi Celina will be located,
has been fueled by employment growth in the region and the city of
Celina also benefits from a highly regarded, "A" rated school
district. The neighborhood will span over 45 acres and will feature
an extensive trail system, dog park, fitness center, and
resort-style pool.
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 $3.5 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 advisor, 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.
About Mill Creek Residential
Mill Creek Residential
Trust LLC is a national rental housing company focused on the
development, acquisition and operation of both multifamily and
build-to-rent single-family communities in targeted markets
nationwide. The national company, headquartered in Boca Raton, Florida proactively develops,
acquires, constructs and operates communities through its seasoned
team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many
of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area,
Southern California, Phoenix, Denver, Dallas, Austin, Houston, South
Florida, Tampa,
Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington,
D.C., New Jersey,
New York, and Boston. As of December 31, 2021, the
company's portfolio is comprised of 119 communities representing
over 32,500 rental homes that are operating and/or under
construction. For more information, please visit
www.MillCreekPlaces.com.
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SOURCE Walker & Dunlop, Inc.