Dealmaker: Walker & Dunlop Arranges $107M for Multifamily

Walker & Dunlop, Bethesda, Md., arranged $107.2 million for multifamily properties in Florida and Pennsylvania.  

The firm arranged $82 million in bridge financing for The Rise Flagler Village, a 348-unit community in Fort Lauderdale, Fla. The 30-story building opened in April.

Apartments at The Rise Flagler Village range from studios to three bedrooms and average 888 square feet. The property also incorporates 4,200 square feet of ground-floor retail space. The community is near shopping and dining options as well as the Brightline high-speed train station. Rescore Property Corp., Boca Raton, Fla., a private real estate investment trust managed by Encore Capital Management, developed and owns the property.

Walker & Dunlop Managing Director Eric McGlynn identified Square Mile Capital Management LLC, New York, as the capital source. The floating-rate loan has a four-year term, allowing time for property lease-up. The loan refinanced existing construction debt that Square Mile had also provided.

Located north of downtown Fort Lauderdale, the Flagler Village submarket has undergone a rapid revival in recent years.

The firm also structured $25.2 million in Fannie Mae financing for Bethlehem Fields Apartments, a 216-unit Class A property in Bethlehem, Pa. Walker & Dunlop arranged the refinancing on behalf of Boyd/Wilson, Lancaster, Pa.

This financing for Bethlehem Fields, which was originally organized as a bank execution prior to the COVID-19 pandemic, represented Boyd/Wilson’s first agency execution. Walker & Dunlop’s Philadelphia Capital Markets team, including Managing Directors John Banas and Kris Wood and Analysts John Wilson and Rhett Saltiel, structured the deal with three years of interest-only payments and an attractive fixed rate for the ten-year loan term.

Boyd/Wilson said it plans to utilize the cash-out proceeds to perform capital improvements at the Lehigh Valley region property.