Walker & Dunlop, Inc. structured a $13,521,000 acquisition loan for Alexander Pointe, a Class B, garden-style apartment complex in the Jacksonville, Florida suburb of Orange Park.
Alexander Pointe marks the fourth execution that Walker & Dunlop’s Andrew Tapley and Alexandra Huffman have originated for Capital Square in the past seven months.
The origination team arranged the loan using Fannie Mae’s Green Rewards program at a 65 percent loan-to-value with a 10-year, fixed rate term and five years of interest-only payments. The Borrower used the Delaware Statutory Trust structure to permit its investors to acquire interests in the property in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.
Huffman, assistant vice president in the Multifamily Finance group at Walker & Dunlop, commented, “The Borrower was able to utilize Fannie Mae’s Green Rewards program to obtain a new loan with very attractive terms.”
Chief Executive Officer of Capital Square, Louis Rogers, remarked, “Alexander Pointe was our fourth loan with Walker & Dunlop and the first one to benefit from Fannie’s Green Energy Rewards Program. The Green Program was a win – win, a lower interest rate on the loan and lower utility costs for the project.ˮ