Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $38,125,000 acquisition loan for the Camden Club Apartments, a garden-style apartment complex located in Longwood, Fla.
Ft. Lauderdale based, Senior Vice President, Paul Ahmed, led the Walker & Dunlop team that arranged the Freddie Mac 15-year fixed rate loan, at a 73% loan-to-value. Walker & Dunlop closed four loans with this borrower in 2014. The borrower intends to complete interior renovations including upgraded appliances, cabinetry and floors to increase the overall marketability of the property.
Mr. Ahmed commented, “We have done multiple loans with this client and have successfully tailored the financing to meet the customer’s needs in each instance. In this case, Freddie Mac provided an extremely competitive 15-year loan and fit the customer’s overall strategy for the property.”
Built in 1986, Camden Club Apartments is a class “B” property situated on 38 acres. The property contains 436-units and has consistently maintained a 95% occupancy rate. Amenities include a clubhouse, fitness center, swimming pool, and tennis courts.
Located 14 miles from Orlando, Camden Club Apartments is within close proximity to one of the regions’ primary employers, the Florida Hospital at Altamonte Springs. It is also located in close proximity to the Maitland Center Office Park, Altamonte Mall, Home Depot, Target, banks and various restaurants.