The financing assignment was completed on behalf of Rockwell Partners, an experienced multifamily property owner, skilled value-add investor, and a repeat client of Walker & Dunlop. Since acquiring the property, Rockwell has invested $4.5 million in unit upgrades, and $1.5 million in common area upgrades, and the loan provided $1,000,000 to complete renovations at the property. Rockwell will complete all unit renovations within six to nine months of closing.
Led by Senior Managing Director Pat Dempsey, Walker & Dunlop arranged the loan through Freddie Mac’s floating rate program. The team worked to ensure maximum flexibility for the client, locking in an attractive index rate, two years of interest-only payments, and a flexible prepayment schedule. Said Mr. Dempsey, “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community. The investments they have made in this vintage property have defined it as a desirable place to live outside of the urban bounds of Chicago.”
Jason Fishleder, Principal of Rockwell, noted, “Walker & Dunlop, led by Pat Dempsey, went beyond the traditional mortgage banking role by providing good advice and guidance throughout the 6-year process of acquiring, renovating, and leasing 1,155 units.”
Ellyn Crossing was built in phases, from 1973 to 1978, and as Rockwell acquired units from 2014 to 2020, they renovated units and all common areas. The property features 30 buildings, all with three-story walk-ups and enclosed stairways. Units feature open floor plans, patios or balconies, gourmet kitchens, and spacious closets. Community amenities include a resident clubhouse and business center, activity room, fitness center, pool and sundeck, tennis court, sand volleyball court, playground, picnic areas, ample parking, as well as on-site management and maintenance. All unit and community amenities have been updated to Class B+ standards.
About Walker & Dunlop
Walker & Dunlop 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.