Walker & Dunlop Structures $87 Million in Financing for New Jersey Workforce Housing Portfolio
BETHESDA, Md., Sept. 16, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $87,429,870 in Fannie Mae financing on behalf of The PRC Group, a repeat client and mission-driven regional real estate owner and developer headquartered in Red Bank, New Jersey. The portfolio includes Brighton Arms Apartments, located in Neptune City, New Jersey, Grandville Towers, located in Red Bank, New Jersey, and Tree Haven Apartments, located in Matawan, New Jersey. The portfolio comprises 792 units in total, over 85 percent of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Walker & Dunlop has arranged over $125 million in financing for The PRC Group throughout 2020. The three-property portfolio represented the borrower's first agency execution. Capital Markets Managing Directors, John Banas and Kris Wood, as well as Analysts John Wilson and Rhett Saltiel, structured the financing to provide the borrower flexibility, with four years of interest-only payments and an attractive fixed rate for each of the 12-year loan's terms. The team provided support to the client throughout the deal process, effectively advising the client in their first Fannie Mae transaction.
"John Banas and his team are a class act," commented Stanley J. Koreyva, President and COO of The PRC Group. "They were on top of all the information we needed to supply, and their response time to us for any questions we had was outstanding. They are true experts in handling this type of transaction."
Said Mr. Banas, "It was an honor to be selected by Bob Kaye, Stan Koreyva, and the team at PRC for this transaction, which helps preserve 710 units of workforce housing throughout New Jersey. Thanks to our experienced team and strong partnership with Fannie Mae, we were able to successfully execute the transaction under the challenging circumstances presented by the global pandemic."
Each of the three properties is well-located near New Jersey's Sandy Hook Bay and situated within a few miles of the coast. Located near Route 35, the portfolio offers residents quick access to Trenton and New Brunswick employment centers and are outfitted with community amenities such as swimming pools, playgrounds, clubhouses, and on-site property management. The client plans to utilize the cash-out proceeds to perform capital improvements and renovations to the buildings.
Walker & Dunlop is one of the largest multifamily lenders and top non-bank affordable lenders in the United States. For more information about Walker & Dunlop's commitment to corporate responsibility, including Diversity & Inclusion and affordable housing initiatives, read our Environmental, Social, and Governance summary.
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 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.
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