Walker & Dunlop Originates $23M Loan for Dedicated Student Property in Austin, TX

BETHESDA, Md., Dec. 22, 2014 /PRNewswire/ -- Walker & Dunlop, Inc. WD announced today it originated a $23 million acquisition loan for the Ballpark, a student housing apartment complex located in Austin, Texas.  Walker & Dunlop provided short term bridge financing prior to the borrower, Nimes Capital, obtaining a Freddie Mac 10-year conventional loan.

This property was purchased by Nimes Capital through a "stalking horse" auction in October 2014. Walker & Dunlop was able to provide a non-recourse interim loan allowing the borrower to acquire the asset on the courthouse steps after being awarded the deal through a full sales and marketing process by FourPoint Investments.  The interim loan gave the borrower and Walker & Dunlop time to setup a 10-year permanent Freddie Mac non-recourse loan which closed in December 2014.  By utilizing Freddie Mac's index lock feature, the borrower was able to take advantage of historically low interest rates.

Built in 2000, the Ballpark is a 282-unit and 768-bed, dedicated student, garden-style, apartment complex located in the heart of the East Riverside within a 15 minute drive to all of Austin's major academic institutions including the University of Texas at Austin.  The upgraded amenities at the Ballpark include a computer lab, free internet, volleyball court, athletic field, and fitness facility and a sparkling pool.

Will Baker, managing director, led the Walker & Dunlop team that structured the financing. Mr. Baker commented, "This transaction illustrates the unique financing solutions and the dedication Walker & Dunlop provides to support our clients financing needs."  Additionally, Mr. Baker commented, "Walker & Dunlop's proprietary bridge loan program offers short-term non-recourse loans to our borrowers and once the property is ready for permanent financing, we can facilitate a seamless transition to Fannie Mae, Freddie Mac or HUD financing."

Nitan Chexal, chief executive officer at Nimes Capital commented, "We were very pleased with Will Baker's team at Walker & Dunlop. Their creative execution strategy allowed us to seamlessly acquire this asset, and we look forward to working with them again in the future."

About Walker & Dunlop
Walker & Dunlop WD, headquartered in Bethesda, MD, is one of the premier commercial real estate finance companies in the nation. The firm's scaled lending platform provides customers with a comprehensive suite of financing solutions for multifamily and commercial properties located across the United States. Walker & Dunlop has more than 450 professionals with an unyielding commitment to client satisfaction located in 22 offices nationwide. For more information, please visit www.walkerdunlop.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/walker--dunlop-originates-23m-loan-for-dedicated-student-property-in-austin-tx-300012894.html

SOURCE Walker & Dunlop, Inc.