Walker & Dunlop, Inc. recently originated a $16.25 million fixed-rate loan for the refinance of The Franklin Apartments in Milwaukee. The loan has a 25-year term and includes a flexible prepayment option after the 16th year.
Justin Nelson, Milwaukee-based vice president, led the Walker & Dunlop team that structured the deal, and 40|86 Mortgage Capital, Inc., a life insurance company headquartered in Carmel, Indiana, served as the lender on the permanent financing.
The Franklin Apartments is a 114-unit, Class-A apartment community located on the upper east side of Milwaukee. The property includes a 73-unit building located at 1122 East Ogden Avenue that was constructed in 2000, as well as a 41-unit building located at 1410 North Farwell Avenue that was constructed in 2001. Apartment amenities include a clubhouse equipped with a kitchen, fireplace, business center, fitness center, outdoor terrace with gas fire pit, and heated underground garages.
