May 10, 2017
Bethesda, MD-based Walker & Dunlop, Inc. structured six refinancing loans totaling nearly $190.2 million on behalf of Costa Mesa, CA-based Warmington Properties Inc. The Freddie Mac and Fannie Mae loans were for a 1,240-unit portfolio of multifamily developments located in California and Nevada.
Walker & Dunlop’s Gregory Richardson and Scott Watson led the Walker & Dunlop team in placing the debt for the repeat-sponsor.
Five Freddie Mac loans and one Fannie Mae loan were structured with 10-year terms and 30-year amortization schedules. The non-recourse, fixed rate executions were arranged with a cash-out component. The portfolio’s average occupancy was more than 95%.
The assets include:
- Clock Lusk Apartments, Cypress, CA, $48.3 million
- Sycamore Greens Apartments, Vista, CA, $26.4 million
- Serrano Highlands, Lake Forest, CA, $42.7
- The Clubs at Rhodes Ranch, Las Vegas, NV, $25 million
- Casa Grande Apartments, Cypress, CA, $38.3 million
- Martin Apartments (pictured), Las Vegas, NV, $9.5 million
For comments, questions or concerns, please contact Dennis Kaiser