Walker & Dunlop Arranges $59 Million Construction Financing for Celebration Pointe Apartments
29 Junho 2023 - 7:30AM
Business Wire
Walker & Dunlop, Inc. announced today that it arranged $58.8
million in construction financing for Celebration Pointe
Apartments, a 239-unit Class A multifamily development located in
the master development of Celebration Pointe in Gainesville,
Florida.
Walker & Dunlop's Tampa Debt & Structured Finance team,
led by Jeremy Pino, Livingston Hessam, Carl Passmore, and Kyle
Miller, arranged the transaction on behalf of Viking Companies. The
team secured a 65% non-recourse senior loan from a life insurance
company, which they coupled with mezzanine financing from a debt
and equity fund for a total debt capitalization of 85%
loan-to-cost.
Over the past nine months, life insurance companies have begun
creatively expanding their product offerings to address the gap in
the market left by commercial banks tightening their lending
standards. This includes moving into construction lending,
resulting in the favorable terms for this transaction.
"This financing was closed during a time of uncertainty in the
overall capital markets and limited options for construction debt,"
said Jeremy Pino, senior director of Capital Markets. "We were able
to deliver an impressive non-recourse solution for 85% of the
capital stack, attesting to the strength of the sponsor and the
project."
Celebration Pointe Apartments will benefit from high visibility
due to its proximity to major infrastructure and a heavily
trafficked thoroughfare, as well as its vicinity to Gainesville's
major employment hub and education center, which is only 2.5 miles
away. This one-of-a-kind development gives West Gainesville a
downtown feel, with family-friendly, safe, and appealing points of
interest for the local community and residents. Viking Development
is the master developer for the Celebration Pointe project.
"We are extremely happy to get this project financed with the
assistance of Walker & Dunlop," said Svein Dyrkolbotn,
principal owner of Viking Companies. "Celebration Pointe is a live,
work, and play community, so providing 239 residential units is a
vital component to our continued success."
In 2022, Walker & Dunlop’s Capital Markets group sourced
capital for transactions totaling nearly $26 billion from
non-Agency capital providers. This vast experience has made them a
top advisor on all asset classes for many of the industry’s top
developers, owners, and operators. To learn more about Walker &
Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20230629887816/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
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