Walker & Dunlop, Inc. (NYSE: WD) announced today it recently provided a $15,700,000 refinancing for The Crossings Apartments in Metairie, Louisiana. This refinancing was for the first commercial loan financed by Fannie Mae in the Katrina effected area following the storm in 2005.
Walker & Dunlop utilized Fannie Mae’s Early Rate Lock program to structure the fully leveraged, conventional 10-year loan with a 30-year amortization schedule. Stephen Farnsworth, managing director, stated, “This refinance shows the endurance of New Orleans since Hurricane Katrina and Fannie Mae’s support of this market immediately following the storm, through the national recession and continuing today. As we approach the 10th anniversary of Hurricane Katrina, New Orleans is exhibiting strong growth across all measures and continuing to diversify sectors throughout the city.”
James Favrot, president, Favrot & Shane Companies, Inc., commented, “The recovery and growth of the Greater New Orleans area since Hurricane Katrina has been phenomenal. This has largely been made possible by the faith and support of lenders like Fannie Mae. Favrot & Shane’s long association with Walker & Dunlop has resulted in another successful collaboration at The Crossings Apartments. We greatly appreciate Stephen’s efforts and look forward to further business in the future.”
“We are pleased with the progress that has been made to date in New Orleans since Katrina and we are very proud that Fannie Mae has been part of this overall effort,” said Jeffery R. Hayward, executive vice president of multifamily, Fannie Mae. “We are excited to work with partners such as Walker & Dunlop and Favrot & Shane to finance much needed rental housing in New Orleans and help the region build long-term strength.”
Located in Metairie, The Crossings Apartments is only minutes away from downtown New Orleans and features 10, three-story apartment buildings totaling 247 multifamily units. Residents have access to pools, grilling stations, and security features including access gates and off-street parking.
As a repeat Walker & Dunlop borrower and Fannie Mae client, Favrot & Shane Companies, Inc. is the largest multifamily development and management company in Louisiana. Favrot & Shane has designed and developed or acquired over 9,500 apartment units, as well as a number of suburban office buildings, neighborhood shopping centers, warehouses, and self-storage projects in the New Orleans area. 1st Lake Properties, the sponsor-affiliated management company for The Crossings Apartments, has managed the property for more than 20 years, and currently manages over 9,000 units in the New Orleans MSA where they are headquartered.