Multifamily Fully Occupied Prior to Loan Funding

The Flats at Frankford Station is a class-A 185-unit mid-rise apartment building.

CARROLLTON, TX—If there is any doubt that the DFW multifamily market has velocity, the fact that a permanent loan was put in place just as a property completed the construction process and before occupancy stabilized should provide some insight into the strong demand in the market. This property, The Flats at Frankford Station, is a class-A 185-unit mid-rise apartment building in this northern suburb of Dallas.

Walker & Dunlop Inc. recently arranged a $18.45 million loan for the multifamily property. Led by managing director, Stuart Wernick, and loan officer, Matt Newton, the company’s team placed the debt with Fannie Mae on behalf of Frankfurt Properties LLC. The 10-year loan was structured with five years of interest-only payments and a fixed rate at less than 4%. The property qualified for a green building certification, which allowed Walker & Dunlop’s team to leverage discounted pricing, maximize loan proceeds and achieve an accelerated closing time for the borrower. The refinance includes a cash-out component, which will be used to pay off the construction loan.