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5/09/12
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Walker & Dunlop recently provided $14 mil in Fannie Mae financing for Adirondack Lodge, a Class A, garden-style residential apartment community located in Spokane, WA. The loan was arranged by NBS Financial Services, as mentioned in a RENTV financing briefs piece about a month earlier.
The refi loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 64 percent loan-to-value with a 1.67x debt-service coverage ratio. The deal was structured as a low-leverage Tier III cash-out transaction due to the property’s performance and the quality of the sponsor.
Adirondack Lodge is a 228-unit complex built in two phases between 2003 and 2004. The property is situated on over 16 acres and consists of 38 two-story residential buildings offering multiple floor plans in one-, two-, and three-bedroom models. Community amenities include a clubhouse, a leasing office, swimming pool, fitness room, fire pit, barbeque area, and community garden. Adirondack Lodge was 93 percent leased at closing.
Wally Harding of Norris Beggs & Simpson originated the loan. Senior Vice President, Multifamily Finance, Jay Thomas, led the Walker & Dunlop team.
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