Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $33,450,000 loan for The Place at Castle Hills, a Class B, garden-style property that features 680 units and is located in suburban San Antonio, Texas. Managing Director, Alex Inman, led the Walker & Dunlop team.
The execution utilized Freddie Mac's Green Up® financing program, which offers favorable rates and generates savings for borrowers whose properties meet certain criteria for reduced energy and water consumption. As one of the top companies offering green financing, Walker & Dunlop encourages borrowers to take advantage of financing options that positively impact the environment. The loan proceeds will be used to refinance the existing loan and fund environmental improvements, including low flow kitchen and bathroom faucet aerators, shower heads, and toilets.
Ross McCallister, principal of MC Companies (the "Borrower") stated, "Having closed over a dozen transactions with Walker & Dunlop already, it's no surprise they executed flawlessly on the refinance of The Place at Castle Hills. Alex and his team guided us through the entire process and was able to deliver additional cost savings by executing on Freddie Mac's Green Up® program."
"We saw an opportunity for the Borrower to save a significant amount of money by refinancing with a long-term, fixed rate product through Freddie Mac's Green Up® and Index Lock programs," commented Mr. Inman. "We mitigated the interest rate volatility during underwriting with the index lock and closed the loan in under 60 days, all while significantly reducing the Borrower's annual debt service requirements. All in all, this execution was a highlight in the MC Companies-Walker & Dunlop portfolio."
Located 13 miles north of San Antonio, the property includes one- and two-bedroom apartments, a fitness center, four outdoor swimming pools, a spa, gated access, courtyards, and walking trails. The Place at Castle Hills is conveniently situated near Interstates 10 and 210, the San Antonio International Airport, and Phil Hardberger Park.
In the first half of 2017, Walker & Dunlop tripled its total 2016 green originations, closing $3.8 billion in green loans through Fannie Mae and Freddie Mac. For additional information on Walker & Dunlop's recent Freddie Mac Green Up® financings, view our press releases:
- Walker & Dunlop Executes $75.6 Million Green UpSM, Conversion to Fixed Rate Portfolio
- Suburban Sacramento Property Receives $52 Million in Freddie Mac Green Up Financing via Walker & Dunlop
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.