Walker & Dunlop, Inc. structured a $9,000,000 Fannie Mae loan for Autumn Springs Apartments, a 242-unit, class B, conventional multifamily property in Columbus, Ohio.
The loan was structured as a Fannie Mae ten-year fixed rate loan with one-year interest-only, followed by a 30 year amortization schedule.
The loan was exempt from Fannie Mae’s lending cap with rents less than 60 percent of area median income.
The property is an example of the affordable workforce housing that is currently a major focus for both Fannie Mae and Freddie Mac.
It was acquired by Capital SMART in 2013. Since then, $3 million has been spent on renovations, including almost $2 million in interior upgrades.
Repositioning the property generated tremendous value and provided a great opportunity to recapitalize the bridge debt into a long-term, low rate, Fannie Mae loan, said Michael Liefer, Walker & Dunlop vice president who led the finance team.
“Walker & Dunlop is pleased to have provided numerous acquisition/rehab loans to Capital SMART as they expand their portfolio,” said Liefer.
“Capital SMART exemplifies the art of repositioning older assets with expert management, efficient construction, and always having the residents’ best interest in mind.”
Built in 1972, Autumn Springs Apartments is 12 miles southwest of downtown Columbus, Ohio and 13 miles from Ohio State University.
Property amenities include a picnic area, business center, fitness center, playground, and a swimming pool. As of October 2015, the property was 95.5 percent occupied.
Walker & Dunlop, headquartered in Maryland, is one of the largest commercial real estate finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties.