August 15, 2019
Walker & Dunlop secured a $27.9-million acquisition loan for Brooke Commons Apartments, an affordable apartment community in northeast Orlando.
The 288-unit, garden-style community consists of 38 buildings, and is subject to a Land Use Restrictive Agreement, requiring that half of the units have household income of 60% or less than Area Median Income (AMI) and that 5% of the units cater to residents with household incomes of 55% or less than AMI.
John Gilmore of Walker & Dunlop represented the borrower, apartment owner-operator Avanath Capital Management, in securing financing through lender Freddie Mac. Terms of the financing included five years of interest-only payments. This property represents the first acquisition in Avanath’s fourth affordable housing fund.
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