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Walker & Dunlop Closes $550M Portfolio Refi for Douglas Emmett
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Bethesda, MD-based Walker & Dunlop, Inc. closed a portfolio of four refinance loans totaling $550 million on behalf of Douglas Emmett, Inc. Roughly 90% of the total loan amount qualified for Fannie Mae’s Delegated Underwriting and Servicing Green Rewards program, making it the largest transaction closed to date using the green lending platform.
Walker & Dunlop’s Allan Edelson led the lending team. The interest-only loans, with an all-in rate of under 3.2%, are backed by four Class A apartment properties located in Los Angeles and Santa Monica, CA, including Barrington Plaza in Los Angeles (pictured).
The financing allows Douglas Emmett to continue executing its investment strategy while taking advantage of a green lending program, which involved environmental upgrades to three of the four properties. “These improvements allowed the borrower to secure extremely competitive loan terms, while ensuring more sustainable operations and cost savings for years to come,” said Edelson.
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