BETHESDA, Md., April 15, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $47,125,000 in financing for Westside Heights, a multifamily property in West Midtown Atlanta, Georgia. Completed in 2017, the Class A multifamily property comprises 282 units and is in close proximity to over 150 restaurants, world-class art exhibitions, high-end retail, and the transformative, 22-mile Atlanta Beltline trail.
Led by Senior Vice President David Gahagan and Senior Analyst Niki Perez, Walker & Dunlop's team completed the financing on behalf of Starlight U.S. Multi-Family, a Canada-based commercial real estate investor and a repeat-client of the company. Following the sale of the property, which was completed by Walker & Dunlop Investment Sales' Pat Jones and Chris Goldsmith, Gahagan and Perez compared competitive quotes and identified a longstanding correspondent life company as the ideal capital source. In addition to closing the transaction within a compressed timeline, Gahagan and Perez achieved an optimal combination of terms for the five-year interest-only loan.
Starlight's Chief Financial Officer, Martin Liddell, commented, "We are pleased to complete this financing with very attractive terms in partnership with Walker & Dunlop. The results achieved reflect the high quality of the property as well as its extremely strong location."
Ranking as the third fastest-growing MSA and a top ten largest city in the U.S.in 2017, Atlanta caters to over 5 million residents with its high quality of life, strong economy, and a well-educated population. The city's diverse employer base of Fortune-500 corporations, world-class centers of education and healthcare, and innovative technology startups include UPS, Mercedes-Benz, Coca-Cola, The Home Depot, State Farm, and Delta Air Lines.
Located near Interstates 75 and 85, Westside Heights offers convenient access to various office submarkets, including downtown Atlanta and Buckhead. The multifamily property offers market-leading amenities such as a social lounge with outdoor dining and grilling stations, a resort-style pool, and a fitness center on the rooftop. Additional features include a social lounge with carshare waiting area, business conference room, luxurious clubhouse, controlled-access entry, and a 24-hour concierge.
Walker & Dunlop is a leader in the commercial real estate finance space and has rapidly grown its brokered loan originations over the past several years, completing$8.6 billion in volume in 2018, a 17 percent increase from 2017. Having closed approximately $6.1 billion in sales over the last 24 months, the company's property sales team is active in representing and advising clients. For more information, please see our recent closings and press releases:
- Walker & Dunlop Arranges $108 Million Sale and $65 Million Financing for Apartments in St. Petersburg, Florida
- $133 Million Sale of Two Luxury Multifamily Properties in Atlanta Completed by Walker & Dunlop Investment Sales
1 U.S. Census Bureau
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 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop