Walker & Dunlop Arranges $2.4B Refi of D.C.-Area Apartments
Walker & Dunlop, Inc. said Thursday that it closed the largest transaction in company history; a $2.4-billion Fannie Mae Credit Facility to refinance 67 multifamily properties in the Washington, D.C. metro area.
The borrower, Southern Management Corporation, is reportedly the largest privately-owned residential property-management company in the Mid-Atlantic.
A team of Brendan Coleman, Chris Forte, Connor Locke, Colin Coleman, Adam Johnston, and Skye Stansbury structured the financing to provide the borrower maximum flexibility, with staggered maturities across a mix of fixed and floating-rate, full-term, interest only financing.
Willy Walker, Walker & Dunlop chairman and CEO, said, “It is an incredible honor to be the selected financing partner for Southern Management, and is reflective of the team, brand, and capabilities we have built at Walker & Dunlop.”
The portfolio financed is comprised of 22,439 units in total. More than 60% qualify as mission-driven, affordable housing under Federal Housing Finance Agency guidelines.
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