Walker & Dunlop Secures $183M for Multifamily Properties
Walker & Dunlop, Bethesda, Md., structured $183 million for apartment properties in Manhattan and Atlanta.
In upper Manhattan, Hirsch Simins and David Rosenberg of Walker & Dunlop’s New Jersey Capital Markets team and Brendan Coleman and Chris Forte of the company’s Multifamily Finance group arranged $136 million in green financing for Rachel Bridge Apartments, also known as “The Apartments.”
The property includes four buildings with 960 units situated atop the multi-lane Trans-Manhattan Expressway. Located in one of the highest-cost areas of the country, Rachel Bridge Apartments cater primarily to the city’s workforce with modern, rent-stabilized apartment units. At 32 stories tall, Rachel Bridge Apartments offers residents views of New York City including the Harlem River, Whitestone Bridge and the George Washington Bridge. The complex also has access to public transportation via two nearby subway stops and the George Washington Bus Terminal in Washington Heights.
The Walker & Dunlop team identified Freddie Mac as the capital source for property owner Clipper Equity, Brooklyn N.Y. The debt placement team leveraged Freddie Mac’ Green Up Plus Program, which provides a partial reimbursement to the borrower of costs associated with water and energy upgrades performed within apartment units.
The Freddie Mac loan included ten years of interest-only payments at a 1.25x debt service coverage ratio.
The firm also structured $47 million in financing for Westside Heights, a West Midtown Atlanta multifamily property. Completed in 2017, the Class A asset includes 282 units near the 22-mile Atlanta Beltline, a former railroad converted to a fitness trail.
A Walker & Dunlop team led by Senior Vice President David Gahagan and Senior Analyst Niki Perez arranged the financing for Canadian commercial real estate investor Starlight U.S. Multi-Family. A life company supplied a five-year interest-only loan.
Ranking as the third fastest-growing U.S. metro and one of the 10 largest cities in the U.S. in 2017, Atlanta’s employer base includes Fortune 500 corporations such as UPS, Mercedes-Benz, Coca-Cola, The Home Depot and Delta Air Lines.
