BETHESDA, Md., Dec. 1, 2016 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that it recently originated a $26 million short-term bridge loan through its interim loan program (ILP) and subsequently arranged the permanent Freddie Mac financing. The borrower, Waypoint Residential, used the bridge loan to acquire Waterlynn Ridge Apartments, an apartment community located in Mooresville, North Carolina.
The ILP program uses the Company's own balance sheet to provide short-term loans for properties that do not yet qualify for permanent financing through Fannie Mae, Freddie Mac or HUD. Since the inception of the ILP in 2012 through October 31, 2016, Walker & Dunlop has arranged the permanent financing on 87% of the loans that have utilized the program.
Managing Director, Craig West, led the Walker & Dunlop team that arranged both the bridge loan and the 7-year Freddie Mac loan. Mr. West stated, "Walker & Dunlop's platform of diverse financing solutions allows us to structure creative transactions that meet the varying needs of our borrowers. By using the Company's interim loan program, Waypoint Residential was able to acquire Waterlynn Ridge and subsequently secure long-term financing at a competitive rate."
Waterlynn Ridge Apartments is a garden-style apartment property located 25 miles from Charlotte, North Carolina in Mooresville, a submarket that has recently seen strong rental growth and occupancy. Built in 2008, the property has 312 units and features amenities such as a resort style pool, state of the art fitness center, barbecue area and a walking trail. The property manager, Waypoint Management, is a subsidiary of the borrower and currently manages 9,000 multifamily units across the Southeastern United States.
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 providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 500 professionals in over 25 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.