Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHEVY CHASE, MD-A locally based LLC refinanced its 310-unit, 16-story luxury high rise here with Fannie Mae support. Walker & Dunlop secured $52 million for 4615 N. Parke Ave. The loan was structured with a 10-year term with 9.5 yield maintenance and two years interest only, followed by a 30-year amortization. The loan was underwritten to a 70% LTV with a 1.25x debt-service coverage ratio. Walker & Dunlop processed the loan in less than 41 days.

Built in 1973, North Park Apartments underwent substantial renovations in 2002. The property was 97% leased at the time of closing. Walker & Dunlop’s Elizabeth Conahan and Ted Hermes originated the loan. Ted Patch, chief production officer and SVP multifamily finance, and Benjamin Krosin, assistant vice president, multifamily finance, led the team.

The deal is indicative of Fannie Mae’s continued support in the multifamily space–despite the agency’s losses over the last several quarters. The borrower tapped the agency financing through a DUS lender, Hermes tells GlobeSt.com. “This is a developer taking advantage of attractive interest rates and locking them in for ten years.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.