Walker & Dunlop, Inc. announced today that it originated a $19,040,000 acquisition loan for Brantley Pines, a garden-style apartment community located in Fort Myers, Florida. The 7-year Freddie Mac loan was structured with seven years of interest only and will allow the borrower, CAPREIT, to complete extensive value-add renovations to the property.
Dustin Swartz, Bethesda-based vice president, led the Walker & Dunlop team that structured the deal. Mr. Swartz commented, “This transaction exemplifies the GSEs’ competitive offerings that allow borrowers to take advantage of value-add acquisitions in markets that are outperforming. We were thrilled to be able to work with Freddie Mac to structure a full-term interest only loan for CAPREIT, a strong sponsor and a repeat Walker & Dunlop client, on a high-occupancy apartment project in a great location.”
Brantley Pines consists of nineteen 2-story apartment buildings with a total of 296 units and a free-standing clubhouse. Common area amenities include a coffee café with free Wi-Fi, resort-style swimming pool with a sundeck and lounge area, 24-hour fitness center, lighted tennis courts, sand volleyball court, dog park, BBQ/picnic areas, and a central lake with fountains.
“Brantley Pines is our fifth acquisition loan with Walker & Dunlop and Freddie Mac over the past couple of years and was a very pleasant experience for CAPREIT and our partners. Walker & Dunlop provided a range of debt quotes and Freddie Mac was the most competitive and they once again delivered a seamless execution. We look forward to doing more business with both parties in the future,” said Ernie Heymann, Chief Investment Officer for Rockville, Maryland-based CAPREIT.