Walker & Dunlop Closes $70M for Multifamily Property in Boca Raton, FL

BETHESDA, Md., Jan. 13, 2015 /PRNewswire/ -- Walker & Dunlop, Inc. WD announced today it recently provided a $70,000,000 loan for Broadstone North Boca Village, an apartment complex located in Boca Raton, FL.

The refinance loan was structured as a convertible adjustable rate mortgage using Fannie Mae's Pre-Stabilization Program. Unique to this transaction, Fannie Mae approved a one-time request to fund a $5 million supplemental loan at a similar interest rate to that of the first mortgage provided property performance hurdles are achieved.

Broadstone North Boca Village, a 384 unit, class "A" beachside community, was constructed in 2012. The multifamily property offers 1-, 2-, and 3-bedroom apartments in a variety of floor plans. Amenities include a clubhouse, fitness center, bocce ball court, executive business center, community playgrounds, full-sized washer and dryers, granite counter tops, and oversized roman soaking tubs. Located conveniently off I-95, Broadstone North Boca Village is within a few miles of parks, beaches and well known restaurants.

Chicago based managing director, Allan Edelson, led the Walker & Dunlop team. Mr. Edelson commented, "We have a long term relationship with Fannie Mae and this is one more financing where Walker & Dunlop and Fannie Mae were able to provide a flexible financing structure to best meet the goals of our client." 

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.

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SOURCE Walker & Dunlop, Inc.