Walker & Dunlop Closes $70M in Fannie Mae Financing for Multifamily Property Trio
By Cathy Cunningham September 17, 2018 5:01 pm
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Walker & Dunlop has structured $69.9 million in Fannie Mae financing for Capital Square 1031’s acquisition of three multifamily properties in Richmond, Va. and Atlanta, Ga., the company announced.
Walker & Dunlop’s Andrew Tapley and Alexandra Huffman led the financing.
The debt covers the Richmond-based investment firm’s purchase of Axis 147 and Mayton Transfer Lofts—both in Richmond—and Ivy Commons Apartments in Atlanta. Both Mayton Transfer Lofts and Ivy Commons Apartments qualified for financing under Fannie Mae’s Green Rewards program.
“We were pleased to partner with Capital Square 1031 to provide financing on yet another great group of investment properties,” Huffman said in prepared remarks. “Since the beginning of our relationship in 2016, we’ve witnessed meaningful growth both in the Capital Square portfolio and in the broader multifamily landscape, all thanks to favorable economic conditions, job growth, and rising population in many markets.”
Axis 147, at 1701 Irondale Road in North Chesterfield, Va., was built in 1974 and renovated in 2015, according to information from Colliers International. The 296-unit property’s amenities include a business center, a dog park, a fitness center and a clubhouse.
Mayton Transfer Lofts was built in 1911 and underwent comprehensive renovations from 2007 to 2012 to transform the industrial asset into a multifamily community. Located at 250 East Bank Street in Petersburg, Va., the property’s three buildings were formerly tobacco warehouses. The 225-unit property’s historical features have been maintained, including exposed brick and its original beams.
Ivy Commons Apartments is a 344-unit, garden-style multifamily property located at 3555 Austell Road SW in Marietta, Georgia—a suburb of Atlanta. Its amenities include a business center, two tennis courts, a fitness center and a playground.
“The team at Walker & Dunlop provides a seamless approach to loan underwriting. They are fast, efficient, and practical. We are all on the same page and are able to close loans in a timely manner. Also, the Green Rewards Program is a powerful value-add with the Fannie Mae loan program.” Louis Rogers, CEO of Capital Square 1031, said in prepared remarks.
