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W&D Structures $80M Financing for Rockwell Partners
Walker & Dunlop structured $80,110,000 in financing for Ellyn Crossing, a newly renovated garden-style multifamily community in Glendale Heights, IL. The financing assignment was completed on behalf of Chicago-based Rockwell Partners, a repeat client of Walker & Dunlop.
A Walker & Dunlop team led by Pat Dempsey arranged the loan through Freddie Mac’s floating rate program. The team worked to ensure maximum flexibility for the client, locking in an attractive index rate, two years of interest-only payments, and a flexible prepayment schedule.
“Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” said Dempsey.
Since acquiring the 1,155-unit property, Rockwell has invested $4.5 million in unit upgrades, and $1.5 million in common area upgrades. The loan provided $1,000,000 to complete renovations at the property.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
