Walker & Dunlop Provides Financing For Two Lakewood Apartment Complexes With Military Tenants

One of the country's largest commercial lenders announced today that its financing three multifamily properties near Joint Base Lewis-McChord, including two in Lakewood.

Walker & Dunlop - the country's 10th-largest commercial lender and third-largest multifamily property lender - says it is financing three projects in the South Sound worth a combined $27.4 million.

Lakewood has two projects:

• Arbor Pointe Apartments: 188-unit apartment complex located approximately five miles from the base and has a military concentration of approximately 61 percent.
• Crown Pointe Apartments: 76-unit complex. Approximately 22 percent of the tenancy is military-related and 25 percent of units receive a form of government assistance.

Tacoma will have one project:

• Miramonte Apartments: located approximately three miles from the base and offers 120 units, approximately 20 percent of which are military-related and eight percent of the units receive a form of government assistance.

Here's the company's full press release:

Walker & Dunlop, Inc. (NYSE: WD) announced today that it recently provided $27,414,000 in financing for three multifamily residential properties located near Joint Base Lewis McChord in Washington state. The properties are comprised of 384 units with military concentrations ranging from approximately 20 percent to over 60 percent. These transactions demonstrate Walker & Dunlop’s expertise with multifamily properties with challenging characteristics nationwide.

Financing for Miramonte Apartments, located in Tacoma, WA, was structured with a 10-year term with 3-years interest only followed by a 30-year amortization period under Freddie Mac’s Capital Markets Execution (CME) program. The refinance was underwritten to a 74.67 percent loan-to-value with a 1.37x debt-service coverage ratio. Miramonte is located approximately three miles from the base and offers 120 units, approximately 20 percent of which are military-related and eight percent of the units receive a form of government assistance.

The Fannie Mae refinance for Arbor Pointe Apartments, located in Lakewood, WA, was structured with a 10-year term with 2-years interest only followed by a 30-year amortization period. The loan was underwritten to a 72.04 percent loan-to-value with a 1.36x debt-service coverage ratio. Arbor Pointe is a 188-unit apartment complex located approximately five miles from the base and has a military concentration of approximately 61 percent.

Walker & Dunlop structured the refinance for Crown Pointe Apartments with a 10-year term with 3-years interest only followed by a 30-year amortization period under Freddie Mac’s CME program. The loan was underwritten to a 74.52 percent loan-to-value with a 1.41x debt-service coverage ratio. Crown Pointe Apartments is a 76-unit complex located in Lakewood, WA. Approximately 22 percent of the tenancy is military-related and 25 percent of units receive a form of government assistance.

Walker & Dunlop Senior Vice President, Allan Edelson led the Walker & Dunlop team on the aforementioned transactions.