Walker & Dunlop, Inc. recently closed a $50 million loan for Greenwood Capital Investment’s refinancing of Autumn Chase Apartments, a 550-unit property in Hoffman Estates, Illinois.
The borrower plans to use a portion of the proceeds toward future multifamily development opportunities.
This cash-out refinancing transaction was underwritten with a 10-year term including 9.5 years of yield maintenance and a 30-year amortization schedule. Walker & Dunlop and TSB Capital Advisors were able to obtain a waiver in which Fannie Mae agreed to lend up to 80 percent of the property value on a cash-out refinance.
Managing director Will Baker led the Walker & Dunlop team.
Built in 1973 and located in a Northwest suburb of Chicago, Autumn Chase Apartments offers studio, one- and two-bedroom apartments. This property has an average occupancy rate of 95 percent since the borrower took ownership and repositioned the property. The garden-style apartment complex offers community amenities including controlled intercom entry system, garages with automatic door openers, outdoor swimming pool with sundeck, private picnic area, and a tennis court.
