FORT WORTH, TX – Walker & Dunlop, Inc. announced that it has structured a $ 17,850,000 Fannie Mae loan for Constellation Ranch, a 324-unit Class B apartment building in Fort Worth, Texas. The property consists of 13 apartment buildings and was designed in a ranch style in Texas.
Stuart Wernick, Managing Director, and Matt Newton, Director, led the Walker & Dunlop team in arranging refinancing for Railfield Partners, a long-standing client. The ten-year floating rate loan was structured with full-time interest payments at an interest rate below 2.50 percent. In terms of financing, the property's occupancy rate was around 94 percent.
Commenting on this, Mr. Wernick commented, "We have been able to tailor Fannie Mae's loan programs to meet the specific needs of our clients, providing them with flexible loan terms that will allow them to re-consider selling the property once the market recovers from the effects of COVID-19 Constellation Ranch is a unique community that is a mix of country and town. We are delighted to have Fannie Mae played a role in helping you accomplish this. "
Built in 2005, Constellation Ranch is just minutes from downtown Fort Worth and offers one, two, and three bedroom floor plans. The property offers a resort-style pool and spa, state-of-the-art clubhouse, business center, animal park, plus several outdoor picnic areas, grills, and fireplaces.
Walker & Dunlop is a leader in multi-family lending, becoming the largest Fannie Mae DUS multi-family lender by volume and the third largest multi-family lender to Freddie Mac Optigo in 2019.
Source: Walker & Dunlop