Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $7,905,000 construction loan for ALEMAR LLC, a residential developer based in Pasadena, California, for a townhouse project in Sherman Oaks, Calif.
ALEMAR LLC will use the loan to re-develop an apartment property it has owned since the 1970s by constructing an 18-unit townhouse community over a subterranean parking garage.
The construction project will be LEED-certified, which will save the property money and resources while promoting renewable, clean energy. The design of the townhouses includes a contemporary take on California Craftsman style architecture that incorporates the original “Greene & Greene” architecture style features and color schemes. Each unit will include two bedroom suites plus a den, two-car garage, hardwood floors, stainless steel fixtures, private porch and custom wood cabinetry throughout.
Geoffrey Arrobio, Los Angeles-based senior vice president, led the Walker & Dunlop team that originated and structured the 18-month, interest only loan. Mr. Arrobio commented, “This transaction is a prime example of the current trend of property owners repositioning multifamily assets to enhance the surrounding market area. There is an active appetite for construction lending, and, in this case, City National Bank was a great fit to provide flexible financing for the project and accommodate the needs of our client.”