Walker & Dunlop Structures $302 Million in Financing for 10-Property Apartment Portfolio in Connecticut
Walker & Dunlop, Inc. announced today that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop’s Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
“Taylor Williams and his team are experts,” said Gideon Friedman, CEO of Beachwold Residential. “They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction.”
“It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team,” Mr. Williams added. “We were able to effectively execute the deal with an excellent rate, thanks to our skilled team and solid partnership with Freddie Mac.”
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.