DANVERS, MA—Commercial real estate financing company Walker & Dunlop Inc. reports it provided $70.5 million in financing for the acquisition of Avalon Danvers apartment complex here by The DSF Group.
In a deal announced earlier this month, The DSF Group purchased the 433-unit apartment complex from Avalon Bay Communities for $108.5 million. The financing provided by Walker & Dunlop was structured as a seven-year fixed-rate loan under Freddie Mac’s Capital Markets Execution Program. Walker & Dunlop Senior Vice President Allan Edelson, who is based at the firm’s Chicago office, led the team in the financing transaction.
Avalon Danvers will undergo extensive renovations and expansion of the amenity spaces. The renovation will include construction of a brand new health and fitness center, a yoga studio, virtual golf and boxing studio, movie theatre and resident lounge. The community will become part of the DSF signature Halstead brand and has since the purchase been renamed Halstead Danvers.
“This property has a unique past, and Walker & Dunlop is proud to be a part of its future,” says Edelson. “By taking the time to understand the borrower’s needs, we were able to secure a seven-year financing that was interest only for term, at a near historic low interest rate.”