MIAMI—Walker & Dunlop arranged a $53 million in Freddie Mac financing for a mixed-use development in Fort Lauderdale. Walker arranged the loan for Falls at Marina Bay. Walker senior vice president David Gahagan led team.
“This transaction for Falls at Marina Bay was very complex, due to the mixed-use component,” says Jack Taplin, president of Taplin Development Company. “Walker & Dunlop was able to underwrite and provide financing as one loan for the entire development, even though the apartments, marina and commercial properties had previously been financed separately. This enabled us to realize untapped equity and enhance the cash flows at the property.”
The class A 376-unit complex, located on the New River along the Marina Mile in the heart of Fort Lauderdale's yachting district. Talpin developed the project in 2000.
The project includes a 168-slip marina with a 9,000 square foot office building featuring a waterfront restaurant and dockmaster's office. The mixed-use property also features a 10,000-square-foot clubhouse and typical class A amenities, including a coffee bar, movie theater and tennis courts.
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