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GlobeSt.com UPDATE: $497M Loan Stacks Deck for Sale

DALLAS-The Olympus affiliate exercises an option well in advance of the deadline to ante up the Fannie Mae master credit facility, setting a new five-year expiration date at a low floating rate interest with strong assumption appeal for a portfolio buyer.

By Connie Gore | Updated on July 21, 2004

DALLAS-Olympus Real Estate Partners has pulled together a $496.9-million financing package with high-powered sales appeal for a buyer looking to take control of the entire Walden Residential portfolio. A fourth-quarter closing is eyed for the 21,560-unit, 69-property portfolio.

The loan arranger, Stuart Wernick, president of Dallas-based Quantum First Capital, says the capital change-out retired a higher rate mezzanine loan and replaced it with a five-year facility at a floating rate interest with strong appeal for a prospective buyer. “Any new buyer would find this attractive as an assumption,” he tells GlobeSt.com about the revised financing between Green Park Financial LP of Bethesda, MD and Olympus affiliate, WMC Management, successor to Walden Residential Inc.

Based on a deal of this magnitude, market sources say the loan reflects an interest rate on the variable side slightly north of 2.5%.

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