PHOENIX—Walker & Dunlop, Inc. announces that it recently provided $107,130,323 for multifamily properties in Arizona.
Brandon Harrington and Matt Steffen led the team that structured the $5,100,000 loan for Casa Maribela, a 191-unit fractured condominium building in Phoenix. Harrington tells GlobeSt.com the W&D team structured and closed the 5-year non-recourse CMBS loan 30 days after receiving the signed application from the borrower. The team also recently closed a 30-year fixed-rate fully amortizing Fannie Mae loan for The Meadows, a 165-unit multifamily property in Phoenix.
“The Meadows deal allowed the buyer to hand the property down through generations,” Steffen tells GlobeSt.com. “Clients have been very pleased when they have gone to rate-lock their deals. We've noticed a lot of competition in in capital sources—it's a very borrower-friendly environment.”
Harrington, Steffen and Jeff Burns led the team that provided the $8,256,000 Fannie Mae acquisition loan for Brookwood Apartment Homes, located in Tucson. Although Tucson is a Fannie Mae pre-review market, limiting loan to cost and DSCR, Walker & Dunlop was able to structure the loan at 72.25 percent loan to cost with 1-year interest only.
Will Baker and his team recently structured $34,954,000 through Freddie Mac's Targeted Affordable Housing CME Program for 11 properties (1,211 units) located in Chandler, Phoenix, Surprise, Mesa and Prescott. The complex transactions required numerous approvals from separate municipalities for first-time GSE borrower, Atlantic Development. Walker & Dunlop structured the loans, originated by Capital Advisors executive vice president Shippen Browne, with 10-year terms for the properties, all originally built with low income housing tax credits with varying levels of rent and income restrictions.
“We really cover the whole gamut of lender executions,” says Harrington. “It's a good time to be a borrower.”
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