Walker & Dunlop recently provided $18.2 million in financing for Woods of Cherry Creek, a Class-A garden-style residential apartment community located in Overland Park, Kan.
The refinance loan was structured with a 10-year term with 2-years interest only and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. The loan was underwritten to a 55 percent loan-to-value with a 1.61x debt-service coverage ratio. Walker & Dunlop was able to meet the interest rate and loan structure objectives for the borrower, Overland Park Property Company, LLC, for a Class-A asset in excellent condition.
Woods of Cherry Creek is a 231-unit apartment development built in 2001, situated on more than 18 acres. The multi-family property offers one-, two-, and three-bedroom floorplans in 20 residential buildings. Property amenities include covered parking, private access, a 9,451-square-foot clubhouse, two outdoor swimming pools, a fitness facility, business center and private cinema. Woods of Cherry Creek was 98 percent leased at closing.
Walker & Dunlop senior vice president for multi-family finance Jay Thomas led the Walker & Dunlop team in this transaction.
