Dealmaker: Walker & Dunlop Provides $104M for Multifamily

Walker & Dunlop, Bethesda, Md., structured $84.3 million in financing for The Residences at Annapolis Junction, a 416-unit Class A apartment community that delivered in 2018.

The subject property is halfway between Baltimore and Washington, D.C., near the National Security Agency, Fort Meade and BWI Thurgood Marshall Airport.

Walker & Dunlop Managing Director Dee McClure and Senior Director Katie Runyan led the team that arranged the Freddie Mac financing. The 10-year non-recourse loan included a three-year interest-only period.

The permanent financing replaces existing debt previously provided through Walker & Dunlop’s bridge lending program. McClure noted the 2018 bridge loan allowed ample time for stabilization and the Freddie Mac transaction provided financing to sponsor Armada Hoffler, Virginia Beach, Va., for an off-market acquisition.

Walker & Dunlop also structured $20.4 million in financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, Pa. The team arranged the refinancing on behalf of Boyd/Wilson, Lancaster, Pa.

Walker & Dunlop’s Philadelphia Capital Markets team, including Managing Directors John Banas and Kris Wood as well as Analysts John Wilson, Rhett Saltiel and Erik DiGirolamo arranged the permanent financing through Fannie Mae, Washington, D.C. The team structured the deal with six years of interest-only payments and a 10-year loan term.