BETHESDA, MD – – Walker & Dunlop, Inc. announced that it is structured $ 87,429,870 in Fannie Mae Financing on behalf of the PRC Group, a regular client and mission-driven regional property owner and developer headquartered in Red Bank, New Jersey.
The portfolio includes Brighton Arms Apartments in Neptune City, New Jersey, Grandville Towers, located in Red Bank, New Jerseyand Tree Haven Apartments in Matawan, New Jersey. The portfolio comprises a total of 792 units, over 85 percent of which are mission-driven, affordable housing according to the guidelines of the Federal Housing Finance Agency (FHFA).
Walker & Dunlop has arranged over $ 125 million The three property portfolio was the agency's first execution by the borrower. Capital Market Managing Director, John Banas and Kris Woodas well as analysts John Wilson and Rhett Saltielstructured the financing to provide flexibility to the borrower, with four year interest payments and an attractive fixed rate for each term of the 12 year loan. The team supported the client throughout the business process and effectively advised the client on their first Fannie Mae transaction.
""John Banas and his team are a class, "commented Stanley J. Koreyva, President and COO of the PRC Group. "They had all of the information we needed to provide and their response time to any questions we had was excellent. They are real experts at handling this type of transaction."
Mr Banas said: "It was an honor to be selected by Bob Kaye, Stan Koreyvaand the PRC team on this transaction which will help maintain 710 housing units for the entire workforce New Jersey. Thanks to our experienced team and the strong partnership with Fannie Mae, we were able to successfully execute the transaction under the challenging circumstances of the global pandemic. "
Each of the three hotels is located near Sandy Hook Bay in New Jersey and just a few miles from the coast. The portfolio is located near Route 35 and gives residents quick access to the employment centers in Trenton and New Brunswick. It is equipped with community amenities like swimming pools, playgrounds, clubhouses, and on-site property management. The customer plans to use the proceeds of the disbursement for capital improvements and renovations of the buildings.