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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.”

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