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4/07/17
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WALKER & DUNLOP -- Walker & Dunlop Inc arranged bridge loans totaling $99.7 mil for the acquisition of a portfolio of Class B res properties totaling 1,795 units in Texas. The properties feature various amenities including pools, workout rooms, and basketball courts. The loans, structured at 75% loan-to-cost, provided capital to complete extensive renovations. Walker & Dunlop’s Alex Inman and Jon Hyduke arranged the loans, which have three-year terms and attractive interest rates. They were funded through a large regional bank.
IBORROW – iBorrow has provided a $7 mil refi loan on a 73-room Holiday Inn Express and Suites located in Stockton. The borrower plans to utilize the funds to pay off existing loans, and upgrade the property. Operating results at the Holiday Inn Express have improved over the past year, likely as a result of increased demand resulting from two large-scale projects that were recently completed nearby: a 1.4 msf state prison healthcare facility housing 3,000 inmates and employing 2,500 people, and a 431k sf Tesla manufacturing facility. The hotel also benefits from consistent business from the University of the Pacific in Stockton, which is close to the hotel. The loan was originated by iBorrow’s Will McCabe.
NEWMARK – Demetri Koston of Newmark aranged $1.78 mil in financing on 208 acres of farmland in Orondo, WA. The property includes vineyards and other crops such as pears and apples, plus additional land in various stages of development for more vineyards. The property is situated along the Columbia River in the heart of one of Washington’s wine grape growing areas. A portion of the current grape production is directed to a premier wine company in Washington known for its high quality. The permanent financing has a 10-year fixed rate and is based on a 25-year amortization. There are not reserves, impounds or prepayment penalties. Newmark will service the loan, which was funded through a correspondent lender.
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