Walker & Dunlop, Inc. has structured a $9 million Fannie Mae loan for Autumn Springs Apartments, a 242-unit, class B, conventional multifamily property in Columbus, Ohio.
The loan was structured as a Fannie Mae ten-year fixed rate loan with one-year interest-only, followed by a 30 year amortization schedule. The loan was exempt from Fannie Mae’s lending cap with rents less than 60 percent of area median income.
The property was acquired by Capital SMART in 2013. Since then, Autumn Springs Apartments has undergone $3 million in property renovations, including almost $2 million in interior upgrades. Repositioning the property generated tremendous value and provided a great opportunity to recapitalize the bridge debt into a long-term, low rate, Fannie Mae loan.
Property amenities include a picnic area, business center, fitness center, playground, and a swimming pool. As of October 2015, the property was 95.5% occupied.
Vice President, Michael Liefer, led the Walker & Dunlop team.