BETHESDA, MD. — Walker & Dunlop has arranged financing for five properties in Florida, Texas and North Carolina, totaling $110 million, through its joint venture with brokerage firm ARA. The joint venture, known as ARA Finance LLC, arranged a total of $615 million in financing and sales activity last year. In 2012, ARA brokered the sale of $9.5 billion in multifamily properties, and Bethesda-based Walker & Dunlop originated $8 billion in multifamily financing.
“These deals show the strength of ARA Finance, where two of the largest companies in their respective sector of the multifamily market come together to provide clients with the best execution available,” says Tom MacManus, ARA finance president and chief operating officer.
David Gahagan, senior vice president of Walker & Dunlop, led the team in arranging acquisition financing for Park Colony Apartments, under Freddie Mac's Capital Markets Execution program (CME). ARA has since brokered the sale of the 316-unit property, which is located in Hollywood, Fla., close to I-95. The property features a clubhouse, two swimming pools and tennis courts.
Financing for Polo Glen Apartments in Rockledge, Fla., was also structured under Freddie Mac's CME program. ARA's Orlando office brokered the sale of the 252-unit property, which includes one-, two- and three-bedroom floor plans on more than 19 acres. The property features a clubhouse, swimming pool, tennis court and gated entry. Stephen Farnsworth of Walker & Dunlop arranged the loan.
ARA's Dallas office referred a borrower to Walker & Dunlop to arrange the refinancing of Mountain Ranch Apartments, a 196-unit affordable apartment community. The community is subject to a land use restriction agreement, in effect until 2030, which requires the owner to set aside 100 percent of its units to tenants earning no greater than 60 percent of the area median income (AMI). Community amenities feature a swimming pool, fitness center, clubhouse and laundry facility. Allan Edelson, senior vice president of Walker & Dunlop, led the team in arranging the loan.
In the fifth deal, Craig West, senior vice president of Walker & Dunlop, led the team in arranging an acquisition loan for The Legends at Preston and Dunhill Trace, two garden-style apartment communities in North Carolina. ARA's Charlotte office brokered the sale of each of the properties. The Legends at Preston is a 382-unit complex in Morrisville and amenities include two swimming pools, a clubhouse, fitness center and boat/RV storage. Dunhill Terrace is a 250-unit development in Raleigh that features a clubhouse, business center, fitness facility, heated indoor swimming pool and outdoor swimming pool. Walker & Dunlop arranged the loan through Freddie Mac's CME program.
— Liz Burlingame