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Walker & Dunlop Structures Refi for Fort Worth Apartments
Walker & Dunlop, Inc. structured a $17,850,000 Fannie Mae loan for Constellation Ranch, a 324-unit, Class B multifamily property in Fort Worth. The property consists of 13 apartment buildings and was designed with a Texas ranch-style ambience.
Stuart Wernick, managing director, and Matt Newton, director, led the Walker & Dunlop team in arranging the refinance for longtime client Railfield Partners. The 10-year, floating-rate loan was structured with full-term interest-only payments at a rate below 2.5%.
Wernick said, “We were able to tailor Fannie Mae’s loan programs to meet our client’s unique needs, providing them flexible loan terms that allow them to revisit a sale of the property once the market recovers from the effects of COVID-19.”
Built in 2005, Constellation Ranch is located minutes from downtown Fort Worth and offers one-, two- and three-bedroom floor plans. Occupancy was approximately 94% at funding.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
