iCrowdNewswire Feb 12, 2021 3:43 PM ET
Walker & Dunlop, Inc. announced today that it structured $28,362,000 in Fannie Mae Green financing for Maple Grove Apartment Homes and Middleton Shores Apartments, located in Madison and Middleton, Wisconsin. The portfolio comprises 462 units in total, all of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Led by Pat Dempsey, Jeff Schmidt, and Tim Cotter, Walker & Dunlop’s financing team expertly navigated Fannie Mae’s loan programs to refinance each property through the agency’s Green Building Certification program. At the time of the financing, both Maple Grove and Middleton Shores had already undergone significant green upgrades. This precluded the properties from qualifying for discounted financing through the Green Rewards program, which incentivizes future upgrades. The team identified the lesser-known Green Building Certification program, which rewards existing green improvements and maintenance practices, as an ideal fit for the client. Working alongside Eric and Michaela Truelove of Green Building Resources, LLC, Walker & Dunlop secured Green Globes certificates from Green Building Initiative.
In addition to securing reduced rates on behalf of the client, Walker & Dunlop’s team successfully incorporated the acquisition of 38 orphaned units into the transaction. Located adjacent to Maple Grove, the orphaned market-rate property formerly known as Valley Crossing was originally developed by the same firm in the 1990s and features identical aesthetics and floor plans. Walker & Dunlop worked to seamlessly incorporate the acquisition collateral into the transaction, making for a 340-unit property at closing.
Walker & Dunlop’s Dempsey commented, “We were pleased to put our expertise to the test for Maple Grove and Middleton shores once again. Our team originally financed the properties in 2010, and were able to cut the financing rates nearly in half through this refinance assignment. This was due to a combination of green financing, historically low rates, and the organically affordable rents – all of which added up to the best pricing possible from Fannie Mae.”
The client, Sue Case, added, “Our refinance was complicated with green certification and a purchase of additional units, but the Walker & Dunlop team led us through the process with expertise, skill, and even humor. We certainly plan on working with them again!”
Walker & Dunlop is a top-ranked multifamily lender in the United States. For information about Walker & Dunlop’s view on the apartment market, including economic updates and expert perspectives on markets, leadership, and the road ahead, download our Winter Multifamily Outlook.
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 1,000+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.