BETHESDA, Md., January 10, 2022 / PRNewswire / – Walker & Dunlop, Inc. today announced the structure $ 52,606,500 in financing for Stone gate apartments and Village on the Lake Apartments, two apartment buildings in Spring Lake, North Carolina.
Walker & Dunlops Jeremy Nussbaum and Ryan Moore arranged the nine-month bridging loan on the company’s own balance sheet before structuring separate US Department of Housing and Urban Development (HUD) debt for each property. The team used the agency’s 223 (f) funding program to arrange permanent funding on behalf of their client Van Meter Companies. Both communities received a high ENERGY STAR score, which enabled Walker & Dunlop to secure a competitive interest rate for the borrower by using the HUD Green Mortgage Insurance Premium Reduction (MIP) program.
“As a returning HUD borrower and first-time customer of Walker & Dunlop, we have found the rapid problem-solving skills and extensive agency experience of Jeremy and Ryan to be a huge benefit that will add significant value in completing these transactions,” commented Phillip Spalding, Vice President of Van Meter Financing. “Van Meter holds investments for the future, and the HUD loans for each property allowed us to secure historically low interest rates for the long term HUD term and payback, fix debt servicing costs and increase long term cash flows. The properties also achieved the low. “Green” MIP rate for qualification according to HUD’s energy efficiency requirements. “
Mr. Nussbaum added, “Our team was selected by Van Meter Companies because of our ability to close bridge-to-permanent financing under one roof and provide a seamless borrower experience, and we look forward to further transactions to work with them again. “
The Stone Gate Apartments and Village on the Lake Apartments are about two miles apart and are both gated residential complexes near and within the US Army Base Fort Bragg Spring lake Submarket of Fayetteville, North Carolina. The Stone Gate Apartments, built in 2012, are a garden-like complex with 264 residential units made up of 12 apartment buildings. Stone gate offers open floor plans with 9-foot ceilings, granite countertops, large walk-in closets, and relaxing garden tubs with separate showers. Communal facilities include a fitness center with a climbing wall, swimming pool, solarium, and storage rooms that can be rented by residents. Village on the Lake Apartments was built in two phases, the first in 2005 and the second in 2010, and comprises 13 apartment buildings. The 300-unit lakefront landscaped garden offers 12 floor plans, breathtaking lake views, and unparalleled amenities such as a car wash center, volleyball court, swimming pool, picnic area, and other amenities.
Walker & Dunlop is the largest financier in the multi-family industry and the fifth largest HUD lender in the The United States based on Mortgage Bankers Association 2020 lending rankings. For more information on Walker & Dunlop’s commitment to corporate responsibility, including our initiatives for diversity and inclusion, affordable housing and green finance, download our ESG Summary.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest financier for the multi-family business in The United States and the fourth largest lender to all commercial real estate, including industrial, office, retail, and hospitality sectors. 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, the leading brand, and industry leading technology make us more insightful and valuable to our customers, delivering an unmatched experience every step of the way. With over 1,000 employees in all major US markets, Walker & Dunlop is consistently recognized as one of wealth‘s Great Places to Work® and is committed to making the commercial real estate industry more integrative and diverse, while at the same time bringing about significant social, ecological and economic changes in our communities.
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SOURCE Walker & Dunlop, Inc.