Walker & Dunlop closed a $15,520,000 loan with Fannie Mae for Goldelm Apartments’ acquisition of The Park at Salerno, a 200-unit, garden-style apartment property in Orlando, Florida.
Walker & Dunlop’s Dustin Swartz led the origination team and arranged the asset’s debt placement utilizing Fannie Mae’s Green Rewards program.
The loan was structured as a fixed rate, 12-year term with an initial 5-year interest-only period, followed by a 30-year amortization schedule.
Swartz commented, “The Park at Salerno is the Borrower’s seventh acquisition in Florida since 2015 – all of them financed by Walker & Dunlop through Fannie Mae.
“Fannie Mae’s Green Rewards program is a perfect fit for this property, as it enables the borrower to significantly reduce their interest rate in exchange for green enhancements they were already planning to make to increase the asset’s net operating income.”
Goldelm Apartments’ CEO Roderick Hubbard remarked, “Walker & Dunlop and Fannie Mae continue to execute flawlessly, enabling us to bid aggressively on acquisition opportunities with confidence that they are going to deliver on the debt as quoted.
“Fannie Mae’s Green Rewards program is an extremely valuable product for us, particularly for the vintage of properties we like to buy – 1980s assets that can really benefit from green capital improvements to reduce utility consumption and increase our bottom line.”
The Park at Salerno is a Class B, multifamily complex was built in 1972 that has been fully renovated over the past two years with over $2.2 million of capital expenditures.
The property consists of 25 two-story apartment buildings, two one-story clubhouses, and a one-story leasing office. It features two swimming pools and three laundry areas as well as a fitness center, dog park, and playground with barbeque grills.