September 18, 2020
Walker & Dunlop structured $87,429,870 in Fannie Mae financing on behalf of The PRC Group, a repeat client and mission-driven regional real estate owner and developer headquartered in Red Bank, NJ. The three-property portfolio near the Jersey Shore represented the borrower’s first agency execution.
Capital markets managing directors John Banas and Kris Wood, along with analysts John Wilson and Rhett Saltiel, structured the financing to provide the borrower flexibility, with four years of interest-only payments and an attractive fixed rate for each of the 12-year loan’s terms.
The portfolio includes Brighton Arms Apartments in Neptune City, NJ; Grandville Towers, located in Red Bank; and Tree Haven Apartments in Matawan, NJ. The portfolio comprises 792 units in total, more than 85% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency guidelines.
PRC plans to utilize the cash-out proceeds to perform capital improvements and renovations to the buildings.
Pictured: Grandville Towers.
For comments, questions or concerns, please contact Paul Bubny