BETHESDA, MD-A joint venture of Walker & Dunlop, Inc. and mortgage investment advisory firm ARA reports it recently financed a total of $110 million in loans for five multifamily properties in Florida, Texas and North Carolina.
The joint venture, ARA Finance, LLC, reports that Walker & Dunlop Senior Vice President David Gahagan led the Walker & Dunlop team on the acquisition financing for the 316-unit Park Colony Apartments in Hollywood, FL, under Freddie Mac’s Capital Markets Execution program. This property was sold by ARA’s office in Boca Raton.
The firm reports the financing for Polo Glen Apartments in Rockledge, FL was also structured under Freddie Mac’s CME program. The property, sold by ARA’s office in Orlando, is a 252-unit garden-style complex on more than 19 acres. Walker & Dunlop Senior Vice President Stephen Farnsworth led the Walker & Dunlop team in the transaction. A refinance loan for Mountain Ranch Apartments in Austin, TX, was structured under Fannie Mae’s MAH Affordable Preservation program, ARA Finance reports. The borrower was referred to Walker & Dunlop by ARA’s Dallas office. The property is a 196-unit affordable apartment community that is subject to a LURA, in effect until 2030, which requires the property to set aside 100% of its units to tenants earning no greater than 60% of AMI. Walker & Dunlop Senior Vice President Allan Edelson helped broker the transaction.
ARA Finance states that Walker & Dunlop Senior Vice President Craig West led the Walker & Dunlop team in structuring Freddie Mac CME acquisition financing for two garden apartment communities—The Legends at Preston in Morrisville, NC, and Dunhill Trace in Raleigh, NC. These properties were both sold by ARA’s office in Charlotte, NC and acquired by clients of West’s team with Walker & Dunlop. The Legends at Preston is a 382-unit complex, while Dunhill Trace is a 250-unit development. ARA Finance provided a total of $615 million in financing and sales activity for Walker & Dunlop in 2012.
Walker & Dunlop is headed by Willy Walker.