Dealmaker: Walker & Dunlop Structures $47M for Savannah Multifamily

Walker & Dunlop, Bethesda, Md., structured $47 million in financing to develop The Line, a 219-unit Class A multifamily property in Savannah, Ga.

Located in the city’s downtown area three blocks from the Savannah River, the property is within a designated Economic Opportunity Zone census tract.

Led by Chris Rumul and Taylor Williams, Walker & Dunlop arranged the construction financing for developer Standard Communities, Los Angeles. A regional life insurance company supplied the financing, which included construction and permanent financing in a single loan. The 12-year loan included four years of interest-only payments.

Standard Communities said its primary goal will be to maintain the integrity of the property’s original structure while adding the amenities of a modern apartment community. The resulting two-building community will include a terrace level with a pool, sundeck, fitness center and grill area.

Savannah attracts a growing number of young professionals, relocated families and tourists. The region’s economy has drawn large corporations, including Savannah’s largest employer, Gulfstream Aerospace Corp., which employs nearly 10,000 people at its nearby production facility.