Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.