BETHESDA, MD – Walker & Dunlop, Inc. announced that funding for The Residences at Annapolis Junction, a Class A residential community of 416 units, has structured $ 84,375,000. The LEED Gold certified property was originally delivered in 2018.
The hotel is located in Annapolis Junction, Maryland, halfway between Baltimore and Washington, DC, and in coveted Howard County. It is in a unique location just minutes from the National Security Agency, Fort Meade and BWI Marshall Airport. The community also has convenient access to local transportation including MARC stations, Amtrak, and Interstate 295.
Dee McClure, Managing Director, and Katie Runyan, Senior Director, led the Walker & Dunlop team in organizing the Freddie Mac funding. The ten-year non-recourse loan details include a three-year interest period. The Residences at Annapolis Junction's ongoing funding replaces existing debt previously provided through Walker & Dunlop's Bridge Lending Program. The company's own balance sheet is used to offer short-term, non-recourse loans for properties that are acquired or repositioned as part of a new business strategy.
Ms. McClure commented, "This refinancing reflects Walker & Dunlop's commitment and ability to meet the changing needs of our customers. In this case, the bridge loan we granted in 2018 allowed ample time to stabilize and the Freddie Mac- The transaction provided Armada Hoffler with funding for an off-market acquisition. "She added," This funding continuum shows the full range of services and creative solutions that Walker & Dunlop can offer our customers. "
"Dee and Katie took over the entire process, delivering an exceptional customer service experience as well as valuable insights and recommendations on how to best structure. We were very pleased with the execution and ability of Walker & Dunlop to generate higher revenues than originally planned," said Michael O 39; Hara, CFO of the Armada Hoffler.
Residences at Annapolis Junction are located in a suburban natural setting in close proximity to major cities, as well as local schools, country clubs, and the nature and hiking trails of Towers Branch Park. The property offers first-class amenities such as a heated resort-style saltwater pool, a sundeck with fireplace, TV, gazebos and cabanas, as well as BBQ areas and a bowling green. Additional features include a fitness center, a cinema, a common room, a billiards room, a 24-hour business center, a bicycle repair room and a bicycle cellar, as well as parking spaces with car charging stations. The units have first class fixtures and finishes, and 50 percent of the apartments are classified as mission-driven by Freddie Mac.