Walker & Dunlop, Inc. (NYSE: WD) announced today that it originated a $16,250,000 fixed-rate loan for the refinance of The Franklin Apartments, located in Milwaukee, Wisconsin. The loan has a 25-year term and includes a flexible prepayment optionality after year sixteen.
Justin Nelson, Milwaukee-based vice president, led the Walker & Dunlop team that structured the deal, and 40|86 Mortgage Capital, Inc., a life insurance company headquartered in Carmel, Indiana, served as the lender on the permanent financing. Mr. Nelson commented, “With this transaction, we were able to provide Metropolitan Associates with long-term financing at a very competitive rate and facilitate a quick and seamless closing. We leveraged our strong relationships with life insurance companies to find a great match for this deal and structure flexible prepayment terms that accommodated the needs of the borrower.”
Milwaukee’s low apartment vacancy rates and improving employment rate make it an attractive market for rental properties like The Franklin Apartments, a 114-unit, Class A apartment community located on the upper east side of Milwaukee. The property includes a 73-unit building located at 1122 East Ogden Avenue that was constructed in 2000, as well as a 41-unit building located at 1410 North Farwell Avenue that was constructed in 2001. Apartment amenities include a clubhouse equipped with a kitchen, fireplace, business center, fitness center, outdoor terrace with gas fire pit, and heated underground garages.