Walker & Dunlop has finalized the sale and structured $44.3 million in financing for an apartment community in Georgia, the lender announced Wednesday.
The sale and $44.3 million financing of Century New Holland, a resort-style apartment community in Gainsville, was on behalf of Century Holding Co. In the past year, Century Holding has also acquired Century Avenues in Lakeland, FL, and Century at the Ballpark in Lawrenceville, GA, with the help of Walker & Dunlop.
With the addition of Century New Holland, Century Holding Company now controls 860 units among the three Class A+ multifamily communities.
Walker & Dunlop's finance team, led by Taylor Williams, a managing director in the lender's capital markets group, used Fannie Mae and Freddie Mac as lending partners. The team secured a long-term, fixed-rate loan for Century New Holland through Freddie Mac's Early Rate Lock program, which features an interest-only period of five years.
"We have been working with Centennial for nearly a decade and are pleased to have once again helped them expand their footprint in the Southeast," Sean Williams, a member of Walker & Dunlop's property sales team, said in a statement. "We analyzed multiple funding sources, exploring all available options in order to achieve the optimal outcome for this portfolio financing."
Brian Moulder and Chris Goldsmith of Walker & Dunlop also worked on the sale.
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Samantha Stokes
Samantha Stokes, based in New York, is a staff reporter at American Lawyer covering the business of law. You can reach her at [email protected] or on Twitter: @stokessamanthaj.
