Walker & Dunlop, Inc. recently provided $7 million in interim financing for Renaissance St. Andrews Apartments, a Class-A garden-style residential apartment community located in Louisville.
The acquisition loan was provided under the company’s Interim Loan Program, which offers floating-rate interim loans to experienced borrowers seeking to acquire or reposition multi-family properties that do not currently qualify for permanent financing. Loans originated through the program are funded using a combination of Company capital and credit facilities, and are held on the company’s balance sheet.
This non-recourse loan was provided for an acquisition and structured with a one-year term. Walker & Dunlop closed the loan within 40 days of receiving the application from the borrower.
“This interim loan demonstrates Walker & Dunlop’s ability to use its own capital to provide borrowers with financing options that best meet their needs,” said Walker & Dunlop chief executive officer Willy Walker. “The program is fundamental to Walker & Dunlop’s long-term strategy to diversify the sources of capital that fund our lending activities.”
Renaissance St. Andrews Apartments is a 216-unit apartment community built in 2001 on more than 19 acres. The multi-family property offers three different floor plans in one- and two-bedroom models. Property amenities include a clubhouse, outdoor swimming pool, fitness center, laundry facility and business center. Renaissance St. Andrews Apartments was 90 percent leased at closing.
Senior vice president Doug Taylor led the Walker & Dunlop team.
