Walker & Dunlop has closed $77 million in financing with Fannie Mae on a 962-unit, three-property Texas multifamily portfolio.
The portfolio’s class-A garden-style apartment communities are located in Grand Prairie and Katy, Texas: Stone Lake Apartment Homes, valued at $28 million; Cornerstone Ranch, valued at $26.3 million; and Ashley House, valued at $22.5 million.
The three fixed-rate Fannie Mae loans structuring this refinance each carry 10-year terms with a 30-year amortization period. Walker & Dunlop secured qualification in Fannie’ Mae’s Green Rewards program for one of the properties, Cornerstone Ranch. The borrower, Ed White & Associates, Inc. locks in a cheaper interest rate through this transaction and will end up paying less in utilities after implementing the required energy-savings measures. Refinancing the portfolio was a six-month endeavor.
Leading the team that originated the debt was Doug Hart, vice president of the multifamily group at Walker & Dunlop.