Manufactured Housing Portfolio
Florida and California
$119M Manufactured Housing Portfolio

Walker & Dunlop recently originated and closed four loans totaling $119,738,000 secured by 1,404 sites in four manufactured home community properties in Florida and California. The transactions were funded by Walker & Dunlop as a Fannie Mae DUS® lender. Walker & Dunlop was able to refinance an existing credit facility within 35 days of receiving the signed application. Financing was arranged by Will Baker.

Cottages of Lubbock
Lubbock, Texas
$34.4MM, Acquisition

Walker & Dunlop provided a $34,434,000 acquisition loan for Cottages of Lubbock. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt-service coverage ratio. The cottage-style student housing property type is an emerging trend at universities across the country because it provides students with an alternative to conventional apartment buildings and a superior amenities package. Financing was arranged by Will Baker.

Chateau Bayou Apartments
Ocean Springs, MS
$5.5MM, Acquisition Loan

Walker & Dunlop negotiated a $5,500,000 loan for Chateau Bayou, structured with a 7-year capped arm and a 30-year amortization, and underwritten to an 80 percent loan-to-purchase. The borrower selected the Freddie Mac Capped ARM program with a float over the 1-Month LIBOR. Chateau Bayou is a 122-unit, garden multifamily property and was 95% leased at closing. Financing was arranged by Stephen Farnsworth.

The Hunt Apartments
Oklahoma City, Oklahoma
$7.5MM, Acquisition Loan

Walker & Dunlop provided a $7,540,000 loan for The Hunt Apartments located in Oklahoma City, Oklahoma. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Walker & Dunlop was able to underwrite, rate lock and close the transaction within 41 days of receiving the application. Financing was arranged by Andrew Tapley.

Ritz Plaza Apartments
New York, New York
$150MM, Refinance Loan

Walker & Dunlop provided a $150,863,000 refinance loan for Ritz Plaza Apartments located on west 48th Street in midtown Manhattan. The Ritz Plaza is a 479-unit, luxury high-rise apartment building, built in 1989 and renovated in 2008. The loan was structured with a 10-year term, 2 years interest only, and a 30-year amortization. The loan was underwritten to a 66 percent loan-to-value with a 1.25x debt-service coverage ratio. Financing was arranged by Drew Anderman.

Pinelake Garden Estates
Stuart, Florida
$21MM, Refinance Loan

Financing was arranged by Will Baker.

Kloshe Illahee
Federal Way, Washington
$17.5MM, Refinance Loan

Financing was arranged by Brendan Coleman.

Kirkwood Estates MHC
Cedar Rapids, Iowa
$8.9MM, Acquisition Loan

Financing was arranged by Andrew Tapley.

Jurupa Hills Cascade MHC
Riverside, California
$18.8MM, Manufactured Housing

Financing was arranged by Will Baker.

Skidmore Apartments
Saratoga Springs, New York
$2.2MM

Financing was arranged by Will Baker.

Bayberry Farms Apartments
Grandville, Michigan
$6.5MM

Financing was arranged by Jay Thomas.

Academy Square Apartments
Chicago, Illinois
$13.9MM, Conventional Loan

Financing was arranged by Ted Patch.