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9/06/16
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Walker & Dunlop Inc structured a $28.55 mil Fannie Mae Moderate Rehab loan for Whispering Meadows, a 432-unit, garden-style apartment complex in Mesa, AZ. The financing utilizes the Fannie Mae Green Rewards program.
The Fannie Mae Green Rewards program provides improved financing options and enhanced pricing to borrowers who are focused on energy reduction and water cost renovations such as water efficiency equipment, solar panels, and improvements needed to achieve Green Building Certification. The program offers property owners both additional loan proceeds and a lower all-in interest rate. The borrower planned to complete plumbing upgrades, reducing the overall water expense by 20 percent, which qualified the property for Fannie Mae’s Green Rewards program.
Built in 1979, Whispering Meadows consists of 45 one and two-story garden-style residential buildings. It offers one-, two-, and three-bedroom floor plans. Property amenities include a clubhouse with kitchen, business center and game room, resident lounge, two outdoor pools and one heated spa, picnic areas, basketball court, a dog park, children’s playground, and a fitness center.
The loan was structured as a 10-year term with seven years of yield maintenance and three years of interest-only followed by a 30-year amortization schedule. The final loan to value was 83 percent of the contracted purchase price and 79.26 percent of the total cost of the purchase price plus proposed renovations. The loan was arranged by W&D’s Alex Inman.
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