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6/15/15
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Walker & Dunlop Inc originated a $4.55 mil Fannie Mae loan for the refinance of Plumas Garden Apartments, a 105-unit multifamily property located at 2850 Plumas St in Reno, NV. The borrower is a partnership affiliated with the Gaston & Wilkerson Management Group.
Plumas Garden Apartments is a garden-style apartment complex that includes a swimming pool and an on-site laundry facility. The property features a variety of unit layouts, including two-story, loft style apartments. Many of the units include outdoor balconies or patios and vaulted ceilings.
The new 10-year loan utilized Fannie Mae’s Early Rate Lock program in order to lock in the historically low interest rates and mitigate potential interest rate volatility.
Brett McGuire, Bethesda-based vice president, led the Walker & Dunlop deal team that underwrote and closed the loan. Walker & Dunlop has had this property in its portfolio since 1997.
According to McGuire, “The Reno, Nevada market is currently seeing strong job growth and new household formation, and Plumas Garden Apartments is well-positioned to capitalize on these positive market trends.”
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