NATIONAL HARBOR, MD–The Peterson Cos. secured a $54 million Fannie Mae loan from its Green MBS program, to refinance an apartment complex at its master-planned National Harbor community anchored by the Gaylord National Resort.
Walker & Dunlop arranged the financing for the developer, which was the first time the financial provider tapped the GSE's green program, according to Dan Martin, who along with Brendan Coleman arranged the financing. The transaction was also the first time Peterson Cos. borrowed from Fannie Mae, he added.
The loan refinances The Esplanade at National Harbor, a 262-unit building.
The 10-year loan term includes five years interest-only followed by a 30-year amortization schedule. Because the loan was out of the green program, it qualified for lower pricing. Fannie Mae's green program “for LEED certified assets provided the sponsor with a significant pricing advantage relative to other similarly leveraged assets,” Martin said in a prepared statement.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
NATIONAL HARBOR, MD–The Peterson Cos. secured a $54 million
Walker & Dunlop arranged the financing for the developer, which was the first time the financial provider tapped the GSE's green program, according to Dan Martin, who along with Brendan Coleman arranged the financing. The transaction was also the first time Peterson Cos. borrowed from
The loan refinances The Esplanade at National Harbor, a 262-unit building.
The 10-year loan term includes five years interest-only followed by a 30-year amortization schedule. Because the loan was out of the green program, it qualified for lower pricing.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
