Bethesda, Maryland – July 20, 2017 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it provided a $33,830,000 commitment under the Freddie Mac Tax Exempt Loan (TEL) Unfunded Forward Program for the permanent financing of Campus Oaks Phase I, an affordable, garden-style apartment community in Roseville, California.
Senior Vice Presidents, Frank Baldasare and Carolyn McMullen led the origination team, which
arranged the TEL forward commitment for construction financing upon completion and stabilization of the property.
The Freddie Mac TEL Unfunded Forward Program allows borrowers to lock in interest rates for
permanent debt at the same time the construction loan closes. Walker & Dunlop leveraged the program
to provide faster and more affordable financing than competing lending sources.
Scott Canel of The Canel Companies commented, “Complex and innovative TEL transactions require an
experienced, sophisticated, and dedicated team. In this regard, we have found no better team than
that of Frank Baldasare and Carolyn McMullen, and the entire Walker & Dunlop team. Frank and
Carolyn gave us a level of customer service, creativity, and just pure skill that goes beyond
anything that we have ever experienced with any lender.”
Mr. Baldasare stated, “Carolyn and I were pleased to assist Scott Canel and his team in the
financing of quality, affordable housing in Roseville. Scott’s capabilities and expertise in a
complex transaction combined with our partnership with Freddie Mac, enabled Walker & Dunlop to
provide the forward commitment to move the project along.”
The property is located on the site known as the Hewlett-Packard Campus Oaks Master Plan, located
within the North Industrial Planning Area. The property is the first of a two-phase multifamily
development that will include a total of 395 units and will bring much-needed affordable housing to
Roseville. Once constructed, Campus Oaks Phase I will consist of 20 three-story apartment
buildings, featuring 186 units, and a two-story clubhouse. Common area amenities will include a
swimming pool, cabanas, spa, barbeque station, fire pits, bicycle repair station, beach volleyball
court, and bocce courts.
From 2011 to 2016, Walker & Dunlop has closed over $2.7 billion in affordable housing financing
across the United States. To learn more about the Company’s affordable financing capabilities,
please view additional press releases focused on similar properties:
1. Affordable Multifamily Property Receives $7 Million in Financing via Walker & Dunlop
2. Washington D.C. Renters Benefit from Increase in Affordable and Green Housing Options
3. Walker & Dunlop Finances Large Affordable Housing Portfolio