Walker & Dunlop, Inc. (NYSE: WD) announced today it structured a $17,000,000 refinance loan for Brookstone Apartments in Rock Hill, South Carolina.
The loan for Brookstone Apartments was a competitive 15-year fixed rate loan, featuring five years of interest-only followed by a 30-year amortization schedule. The financing proved to be the ideal loan for the borrower who is a long term holder of the property and was able to receive similar rates and flexibility as a 10-year loan.
Additionally, the loan featured a 6-month forward rate lock that allowed the borrower to eliminate near term interest rate risk and minimize the prepayment penalty of a maturing loan.
“Walker & Dunlop was able to utilize its depth of life company relationships to provide the borrower a tailored loan structured with a long term competitive rate, forward rate lock, flexible prepayment options and five years of interest- only,” stated Vice President, Justin Nelson, who led the Walker & Dunlop team.
Built in 2001, the 348-unit apartment complex features 1-, 2-, and 3-bedroom upscale apartments with 9 foot ceilings and fully-equipped kitchens. Additional amenities include a clubhouse, a 24-hour fitness center, laundry facility, gated access entry, playground, swimming pool, volleyball court and a dog park. Residents have access to Winthrop University, Cherry Park, Glencairn Garden, the Textile corridor, and are just miles from Charlotte, North Carolina.