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7/02/12
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Walker & Dunlop LLC recently provided $27.5 mil in financing for The Hawthorne, a garden-style residential apartment community located in Mill Creek, WA. Built in 2003, The Hawthorne is a 284-unit apartment development situated just north of the Seattle Central Business District.
The Hawthorne offers one-, two-, and three-bedroom floorplans in 26 two- and three-story buildings. Property amenities include a clubhouse, outdoor pool and spa area, fitness center, sports court, barbeque area and a playground. The Hawthorne was 97 percent leased at closing.
The refinance loan was a credit substitution within an existing Fannie Mae Credit Facility, providing the borrower with financing benefits such as customized structuring options, prepayment flexibility and multiple debt maturities. Consistent with the existing structure of the Fannie Mae Credit Facility, this transaction was structured with a 5-year term and a 30-year amortization schedule and allowed the borrower to release a property from the existing Credit Facility for sale without paying a prepayment penalty. The loan was underwritten to a 48 percent loan-to-value with a 1.75x debt-service coverage ratio.
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