June 6, 2017
Bethesda, MD-based Walker & Dunlop, Inc. arranged a $43.5-million refinance loan with Fannie Mae for The Tennyson at Crescent Village, a newly-constructed, Class A, townhouse- and loft-style property in Eugene, OR. Completed in early 2017, the 263-unit property experienced rapid lease-up, and was 80% occupied at the time of rate lock.
Walker & Dunlop’s Ralph Lowen and Steve Natale obtained approval to provide near-stabilization financing to retire the project’s short-term construction debt. The loan features include a 10-year term and 30-year amortization at 70% loan-to-value.
The borrower intends to use the loan proceeds to pay off two existing loans. The property also received a significant spread reduction by qualifying for a Green Building Certification through the Green Globes program.
Located in Crescent Village, Eugene’s first master-planned urban village, the 35-building apartment complex offers residents one, two- and three-bedroom units along with top-of-the-line, on-site amenities.
For comments, questions or concerns, please contact Dennis Kaiser