Dealmaker: Walker & Dunlop Arranges $26M for Waterlynn Ridge Apartments

Walker & Dunlop, Bethesda, Md., originated a $26 million short-term bridge loan through its interim loan program and subsequently arranged permanent Freddie Mac financing for Waterlynn Ridge Apartments in Mooresville, N.C. 

The borrower, real estate investment manager Waypoint Residential, Stamford, Conn., used Walker & Dunlop’s bridge loan to acquire the property. W&D’s interim loan program uses the firm’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent financing through Fannie Mae, Freddie Mac or HUD. 

Craig West, Managing Director with Walker & Dunlop, led the team that arranged both the bridge loan and the seven-year Freddie Mac loan. “By using the company’s interim loan program, Waypoint Residential was able to acquire Waterlynn Ridge and subsequently secure long-term financing at a competitive rate,” he said.

West noted that the firm has arranged permanent financing on 87 percent of loans that utilized its interim loan program since 2012.

Built in 2008, Waterlynn Ridge Apartments is a 312-unit garden-style apartment property 25 miles from Charlotte, N.C. in a submarket that has recently seen strong rent and occupancy growth. Waypoint Management manages 9,000 multifamily units across the southeastern United States.