BENSALEM, PA-Korman Communities has closed on $90 million in financing for its Country Lights garden apartment community here.
Walker & Dunlop of Bethesda, MD provided the financing that was structured under Freddie Mac's Capital Markets Execution Program with a 10-year term with two-years interest only, followed by a 30-year amortization period.
Walker & Dunlop was able to close the transaction on the Bucks County multi-family property within 35 days of receiving the signed application from the borrower. Walker & Dunlop Senior Vice President, Steven Heller led the Walker & Dunlop team.
"We couldn't be happier with the speed and execution of this transaction," said Bradley J. Korman, co-CEO of Korman Communities. "Steven Heller and his team at Walker & Dunlop delivered everything they promised from Freddie Mac, on time and at the most competitive pricing. This deal doesn't get done in 35 days, over the holidays, without the tremendous effort of everyone involved. We were very impressed and very appreciative.”
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