Walker & Dunlop Finances Two Multifamily Properties for $65M

Walker & Dunlop, Bethesda, Md., structured $65.6 million in financing for two garden-style Florida apartment communities, Coral Pointe at the Forum and East Pointe at Altamonte.

InvestRes Dallas, acquired Coral Pointe at the Forum in Fort Myers and refinanced East Pointe at Altamonte in Altamonte Springs.

Walker & Dunlop Vice Presidents Matthew Baldwin and Alison Williams structured a non-recourse, five-year bridge loan for Coral Pointe at the Forum, which delivered in 2018 and has experienced rapid lease-up absorption since then.

For East Pointe at Altamonte, the debt placement team secured a non-recourse ten-year loan that included five years of interest-only payments. The new loan resulted in a significant value-return to the borrower’s investors.

InvestRes purchased East Pointe at Altamonte as two separate assets in August 2017 and has invested significant capital in the asset and in streamlining the property’s management. The 354-unit property is located near Uptown Altamonte shopping and entertainment district.

Both communities benefit from Florida’s statewide growth and strong economic performance. The state’s population grew 17.7 percent from 2000 to 2010 and is expected to grow another 7-plus percent to nearly 22 million people by 2021.