WALKER & DUNLOP CLOSES TWO LOANS TOTALING $8 MILLION IN N.C.

JACKSONVILLE AND WILMINGTON, N.C. — Walker & Dunlop has provided two loans totaling $8 million for multifamily properties in North Carolina. The 134-unit Cardinal Village in Jacksonville received a $3 million loan. Built in 1964, the property features an outdoor pool, a barbecue area, laundry rooms and a clubhouse. The 10-year loan has a 30-year amortization schedule and was underwritten to a 55 percent loan-to-value with a 1.55x debt service. Cypress Grove, a 208-unit property in Wilmington, received a $5 million, 10-year loan with a 30-year amortization schedule. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt service coverage ratio. Ryan Greer of Meridian Capital Group originated the loans. Will Baker led the Walker & Dunlop team in the transactions.