Walker & Dunlop, Inc. (WD) came structuring a $17.85 million Fannie Mae loan for Constellation Ranch on Thursday.
Located in Fort Worth, Texas, Constellation Ranch is a 324-unit Class B multifamily property consists of 13 apartment buildings specifically designed to provide ranch style ambience of Texas.
Walker & Dunlop team led by Managing Director Stuart Wernick and Director Matt Newton arranged the current refinance for its long-time client Railfield Partners. The loan with a floating interest rate was structured into a loan at a fix rate of below 2.5% and that too in a full-term interest only payment basis. At the time of funding, about 94% of the property has already been occupied.
WD remained able to fit Fannie Mae’s loan program in as per the unique requirements of our client. The tailored loan will make the client able to reconsider the sale of the property once the market starts recovering from impact of the pandemic. Constellation Ranch is a community which provides the occupants a unique feeling of the rural as well as urban living styles. Walker & Dunlop is excited to be a role player in completing the transaction with Fannie Mae.
Walker & Dunlop also structured a Fannie Mae financing of $87.43 million in mid September on behalf of a repeat client The PRC Group. The portfolio for which financing was structured include Neptune City, New Jersey-located Brighton Arms Apartments; Matawan, New Jersey-located Tree Haven Apartments; and Red Bank, New Jersey-located Grandville Towers.
The portfolio is comprised of 792 units collectively and more than 85% of those units qualify for mission-driven, affordable housing as per guidelines of Federal Housing Finance Agency (FHFA). It was WD’s latest of the financing for The PRC Group during 2020 which brought the company’s total amount to over $125 million financed for the group this year.