Walker & Dunlop Provides $27.4M for Military Communities in Washington
Tacoma, Wash.—Walker & Dunlop has provided $27.4 million in financing for three multifamily properties near Joint Base Lewis McChord in Washington. The assets are comprised of 384 units with military concentrations ranging from approximately 20 to more than 60 percent. Walker & Dunlop Senior Vice President Allan Edelson led the Walker & Dunlop team on the transactions. Financing for Miramonte Apartments, located in Tacoma, Wash., was structured with a 10-year term with three-years interest only followed by a 30- year amortization period under Freddie Mac’s Capital Markets Execution (CME) program. The refinance was underwritten to a 74.67 percent loan-to-value with a 1.37x debt- service coverage ratio . Miramonte is located approximately three miles from the base and offers 120 units, approximately 20 percent of which are military-related and 8 percent of the units receive a form of government assistance. The Fannie Mae refinance for Arbor Pointe Apartments , located ...