IRVINE, CA—Walker & Dunlop Inc. has closed a $289-million financing with Fannie Mae on 21 multifamily properties across the state of California for an undisclosed borrower. The 21 properties included 11 project-based Section 8 Housing Assistance Payment contracts, while the remaining 10 properties all qualified for Fannie Mae's Green Rewards Program.
Irvine, CA-based Steven Natale, VP, led the Walker & Dunlop team in the financing transaction. Natale tells GlobeSt.com, “The underwriting standards for affordable transactions and green financings are not necessarily being loosened, but the agencies are pricing and structuring these deals very aggressively compared to conventional transactions. They see these transactions as their top priority in fulfilling their mission of supporting affordable housing throughout the country, especially in high-cost areas where most of these assets were located. Both of these specialty products have had small enhancements over the past year or so, making them more easily accessible to borrowers.”
The portfolio comprises 2,189 units located across the state of California in major metropolitan areas including San Francisco, San Jose, San Diego and Los Angeles. The transaction was sourced by Peggy Griffith, a Walker & Dunlop preferred correspondent.
Natale says all of the properties in the portfolio met either Fannie Mae's affordable-housing or Green Rewards criteria, generating “significantly more favorable financing terms for the borrower.” He adds that Fannie Mae is very focused on growing the supply of both affordable and environmentally sustainable multifamily properties across the country.”
As GlobeSt.cm reported in June, Walker & Dunlop structured six refinance loans totaling $190,177,000 with Freddie Mac and Fannie Mae for a 1,240-unit portfolio consisting of class-A and -B multifamily developments located in California and Nevada. SVP Gregory Richardson and Scott Watson led the firm's team in placing the debt for repeat sponsor Warmington Properties Inc.
The portfolio contained five Freddie Mac loans and one Fannie Mae loan, all of which were structured with 10-year terms and 30-year amortization schedules. The non-recourse, fixed rate executions were arranged with a cash-out component. Beginning in 2014, Warmington implemented a portfolio-wide value enhancement program, which included the complete renovation of common area amenities, building exteriors, and a full upgrade to unit interiors.
IRVINE, CA—Walker & Dunlop Inc. has closed a $289-million financing with
Irvine, CA-based Steven Natale, VP, led the Walker & Dunlop team in the financing transaction. Natale tells GlobeSt.com, “The underwriting standards for affordable transactions and green financings are not necessarily being loosened, but the agencies are pricing and structuring these deals very aggressively compared to conventional transactions. They see these transactions as their top priority in fulfilling their mission of supporting affordable housing throughout the country, especially in high-cost areas where most of these assets were located. Both of these specialty products have had small enhancements over the past year or so, making them more easily accessible to borrowers.”
The portfolio comprises 2,189 units located across the state of California in major metropolitan areas including San Francisco, San Jose, San Diego and Los Angeles. The transaction was sourced by Peggy Griffith, a Walker & Dunlop preferred correspondent.
Natale says all of the properties in the portfolio met either
As GlobeSt.cm reported in June, Walker & Dunlop structured six refinance loans totaling $190,177,000 with
The portfolio contained five
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
