Walker & Dunlop, Inc. closed a $50 million loan for Greenwood Capital Investment’s refinancing of Autumn Chase Apartments, a 550-unit property in Hoffman Estates, Illinois.
The borrower will use proceeds toward future multifamily development opportunities.
This cash-out refinancing was underwritten with a 10-year term, including 9.5 years of yield maintenance and a 30-year amortization schedule.
Walker & Dunlop and TSB Capital Advisors (TSB) obtained a waiver whereby Fannie Mae agreed to lend up to 80 percent of the property value on a cash-out refinance. The company was able to get the borrower in a position to rate lock based on rental collections achieved at the property through March of 2015.
Leading the Walker & Dunlop team was managing director Will Baker.