BETHESDA, MD – Walker & Dunlop, Inc. announced that Fannie Mae has structured a $ 25,200,000 financing for Bethlehem Fields Apartments. A 216-unit class A apartment building in Bethlehem, Pennsylvania in the Lehigh Valley area. Walker & Dunlop arranged the refinancing on behalf of Boyd / Wilson, a regular customer with 38 years of experience in commercial real estate development, real estate and construction management across Pennsylvania.
This funding for Bethlehem Fields, originally organized as a bank execution prior to the COVID-19 pandemic, was the agency's first execution of Boyd / Wilson. Faced with market uncertainty, the Philadelphia Capital Markets team, which included managing directors John Banas and Kris Wood, and analysts John Wilson and Rhett Saltiel, quickly turned to find the best financing solution for their clients. Because of her close relationship with Fannie Mae, the team structured the deal with three year interest payments and an attractive fixed interest rate for the ten year loan term.
Frank Barrett, President of Boyd / Wilson commented, "John and his team made Fannie Mae a smooth refinancing process. Their professionalism and understanding was second to none. We were able to get a very competitive price on incredible terms. We were able to easily navigate the complex GSE- Find your way around the market. "
Mr. Banas commented, "Boyd / Wilson is a longstanding, well-run family business that owns and operates prime real estate. It is always a pleasure to work with their team."
Located just minutes from Route 78 and the Delaware River, Bethlehem Fields offers spacious one- and two-bedroom apartments and townhouses in a variety of floor plans. In addition to the 14 residential buildings on site, the property has a clubhouse, playground, fitness center, picnic areas, and garages. Boyd / Wilson plans to use the cash proceeds for capital improvements on the property.
Source: Walker & Dunlop