Walker & Dunlop Closes $10 Million Fannie Mae Refinance Loan for Tucson Apartments

Walker & Dunlop Closes $10 Million Fannie Mae Refinance Loan for Tucson Apartments

Walker & Dunlop LLC has provided a $10 million refinance loan for the Woods Apartments, a 359-unit garden-style community in Tucson, Arizona.

Backed by Fannie Mae, the loan was structured with a 10-year term and a 30-year amortization. It was underwritten to a 65% loan-to-value.

Newmark Realty Capital originated the loan.

The Woods Apartments, built in 1985, boast two in-ground pools, two spas, a playground, a barbeque area, a volleyball court, a fitness room and a club house.

The community was 98% leased at closing.

Based in Bethesda, Md., Walker & Dunlop (NYSE: WD) is a major provider of commercial real estate financial services, with a primary focus on multifamily lending. A Fannie Mae delegated underwriting and servicing (DUS) lender and participant in other federal programs, Walker & Dunlop lends to apartment owners, investors, and developers.

TAGS: Multifamily
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