BETHESDA, MD—Locally-based Walker & Dunlop recently secured a $278 million Fannie Mae credit facility for Milestone Apartments, a Canadian REIT listed on the Toronto Stock Exchange. The REIT's portfolio consists of 55 multifamily garden-style residential properties located in 11 cities in the southeast and southwest US.

W&D originally structured this facility for the REIT in 2005 and added additional assets in 2008 to the facility.

This go-around, the W&D team was led by Andrew Tapley. The full-term, interest-only facility consists of a mix of fixed and variable rate notes with staggered maturities collateralized by 20 multifamily properties located in Arizona, Florida, Georgia, Tennessee and Texas.

Separately, on Wednesday the REIT completed the acquisition of Harbor Creek, a 316-unit garden-style apartment community in the Canton submarket of Atlanta, Georgia, for $28 million at an estimated initial capitalization rate of 6.82%.

This particular acquisition was funded in part from proceeds from this Fannie Mae mortgage debt facility. In addition, the REIT is in the process of placing a seven-year, interest only fixed-term mortgage of approximately $15.7 million on Harbor Creek, at an interest rate of approximately 3.55%.

The facility is also being used to help fund another acquisition, announced at the same time as Harbor Creek-that of Legacy Heights, a 384-unit multifamily community in the Westminster submarket of Denver, CO. The property is trading for $50.3 million, representing an estimated initial capitalization rate of 6.48%.

Also part of the funding mix for Legacy Heights, the REIT is assuming a fixed rate mortgage of approximately $34.5 million at an interest rate of 3.78%, with an interest only portion through August 1, 2016, and with the loan maturing on August 1, 2022.