Walker & Dunlop Provides $120 Million in Fannie Mae Financing for High-Rise Apartments in Long Island City
BETHESDA, Md., Jan. 30, 2013 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it recently provided $120,000,000 in Fannie Mae financing to TF Cornerstone Equities, LLC, for 45-40 Center Boulevard, a high-rise residential multifamily property, located in Long Island City, NY. The loan was structured with a 10-year term with 5-years interest only, followed by a 30-year amortization period.
45-40 Center Boulevard is part of Stage Two of the Queens West Development master plan which, once completed, will include seven mixed-use residential buildings, 3,000 apartments, 1,825 parking spaces and numerous retail outlets. The building features 345 units with luxury amenities including a concierge, valet services, a rooftop terrace/garden, and a full-service restaurant on the ground level. In addition, residents will have access to the East Coast Club, a top-of-the-line fitness center, adjacent to the building and scheduled to open in early 2014.
Walker & Dunlop President & CEO, Willy Walker, commented, "The financing of 45-40 Center Boulevard in Long Island City was a herculean task by the entire deal team, led by Steven Heller – from start to finish, this deal was executed flawlessly. 45-40 is a gorgeous property with spectacular views of the Manhattan skyline and financing such a landmark property for such a renowned developer is just fantastic."
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity, including interim financing. Walker & Dunlop, LLC has over 400 employees located in 21 offices nationwide. More information about the Company can be found at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.