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RENO, NEV. — Bethesda, Md.-based Walker & Dunlop has arranged an $8.53 million refinance loan through Fannie Mae on behalf of ERG Properties for the 232-unit Sierra Sage, a garden style apartment community in Reno. The 10-year loan has a 30-year amortization schedule and was underwritten with a 1.25x debt-service coverage ratio. The property was 98 percent leased at closing.