Dealmaker: Walker & Dunlop Arranges $94M for Multifamily, Office Assets
Walker & Dunlop, Bethesda, Md., arranged $93.5 million for a Texas multifamily portfolio and a Florida office asset.
In Grand Prairie and Katy, Texas, Walker & Dunlop Vice President Doug Hart secured $76.8 million for three Class A garden-style properties: Stone Lake Apartment Homes, Ashley House and Cornerstone Ranch. Ashley House and Cornerstone Ranch are in Katy, Texas. Stone Lake Apartment Homes is located between Dallas and Fort Worth in Grand Prairie.
Fannie Mae, Washington, D.C., supplied three 10-year fixed-rate loans for assets. Cornerstone Ranch was refinanced under Fannie Mae’s Green Rewards program, which provided a reduced interest rate and lower utilities once planned energy saving measures are executed.
“Despite the Houston market being hit hard with the recent dip in oil prices, Ashley House and Cornerstone have been able to maintain occupancies above 94 percent,” Hart said. “The market in Dallas continues to remain strong, which is reflected in a consistent occupancy at or above 95 percent at Stone Lake.”
Walker & Dunlop also structured a $16.5 million loan to refinance Radice Corporate Center III, a Class A multi-tenant office building in Fort Lauderdale, Fla. Managing Director Al Rex and Senior Analyst Niki Perez secured the long-term fixed-rate life company loan for Ghitis Property Co., Fort Lauderdale.
The property experienced an occupancy lapse just before the loan maturity date, but was able to mitigate the temporary loss. “The fact that the sponsor has been involved with the property for over 20 years showed exceptional long-term commitment, which allowed the lender to be comfortable with the short-term vacancy,” Rex said.
Constructed in 1978 in the Radice Corporate Center office park, Radice Corporate Center III contains 133,475 square feet of office space in seven stories. Tenants include Aerotek, Marsh & McClennan Agency and Massachusetts Mutual Life Insurance.