Luxury Multifamily Development in Delaware Receives $18 Million in Financing via Walker & Dunlop
BETHESDA, Md., Sept. 18, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $17,975,000 in financing for Mi Place at Vineyards, a master-planned garden style multifamily development. Located just ten minutes from the historic downtown area of Lewes, Delaware, the newly developed property has excellent access to Atlantic beaches and the Delaware Bay.
Led by Jon Kushner and Ben Retter, the Walker & Dunlop team arranged the financing on behalf of repeat-client, Fernmoor Homes. Leveraging their broad network of capital providers, Messrs. Kushner and Retter identified a regional bank as an ideal financing partner for the project. The team also worked through numerous complexities on the transaction, including multiple phases of construction and a very complicated ground lease.
Jeffrey Fernbach, President of Fernmoor Homes, stated, "We are very pleased with the execution of this complex transaction. Jon and Ben at Walker & Dunlop exceeded our expectations with the loan terms, and we already have another deal signed up with the team."
"Thanks to its excellent location along Routes 1 and 9, Vineyards is highly desirable for renters commuting to Dover, Wilmington, and Philadelphia," commented Mr. Kushner. "The strong sponsorship by Fernmoor Homes, with over 25 years of construction experience, also ensured that the project was well-received by lenders."
Conveniently located near Rehoboth and Dewey Beaches, Mi Place at Vineyards provides easy access to numerous entertainment venues, dining options, and retail, and is just minutes from the Cape May-Lewes Ferry. The property consists of seven separate buildings: two are mixed-use with condominiums and retail space, three are fully-leased apartments, and two are single family homes. Two additional buildings are currently being constructed, with a target delivery date of early 2020. The multifamily buildings offer a mix of one- and two-bedroom units with premium appliances, fixtures, and individual patios or balconies. Community amenities will include two pools and clubhouses with lounge areas, a fitness center, bocce ball court, fishing pier, and a kayak launch. Residents also enjoy access to a lakeside beach with volleyball nets, nature trails, and dog park.
Walker & Dunlop is a leader in the commercial real estate finance space and has been included in Fortune Magazine's Fastest-Growing Companies List for two consecutive years. The Fortune rankings are based on three-year growth in revenues, earnings per share, and total shareholder return. The rapid growth of the company's brokered loan originations over the past several years contributes to this ranking; the company completed $8.6 billion in brokered loans with over 235 different capital providers in 2018. To learn more about our broad range of financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 800+ professionals in 32 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.
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