10A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
L ender ’ s D irectory Smith, Riordan, and Efron led the team in transaction Walker & Dunlop’s new High-Yield Lending Group closes $29.4 million in financing
ethesda, MD — Walker & Dunlop, Inc. announced today that it closed $29.4 million in fi- nancing for Copper Cove Vil- lage and The Falls, two unaf- filiated class A multifamily projects located in Plymouth, Massachusetts and Hudson, New York, respectively. The transactions were closed by Walker & Dunlop Commer- cial Property Funding, LLC (WDCPF ) , the New York City- based, wholly owned high-yield first mortgage and mezzanine lending platform of Walker & Dunlop, Inc., which pro- B
vides funding on investments collateralized by multifam- ily, commercial, hospitality and healthcare related real estate assets. The program capitalizes both stabilized and transitional assets across all property types in the United States. Copper Cove Village and The Falls are unique projects with similar characteristics; each had less than 80% of construction completed and needed rescue capital to finish the projects. Additionally, with Copper Cove located in Plym- outh and The Falls in Hudson,
both are located in secondary markets approximately 40 miles from the nearest major metropolitan areas of Boston, Massachusetts and Albany, New York, respectively. WD- CPF refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Geoff Smith, Kimberly Riordan , and Randy Efron led the team at Walker & Dunlop. Smith said, “The lack of directly comparable proper- ties of similar quality created a challenge in determining both current and stabilized prop- erty valuations. Fortunately, in both instances the quality of construction and the local market desire for new, Class A housing provided us with the comfort to finance the last stage of the projects.” Upon stabilization, the team expects both properties to be refi- nanced via Fannie Mae and/ or Freddie Mac ’s permanent loan programs. Once complete, both Copper Cove Village and The Falls will feature attractive on-site amenities, such as fitness cen- ters and activity areas. Copper Cove Village, a 42-unit luxury multifamily community, is located on 1.6 acres across the street from the waterfront in historic Plymouth Harbor. Residents will benefit from unrivaled coastal views and ac- cess to nearby attractions such as retail shops, golf courses, boat marinas, beaches, and bike trails. The property is comprised of three buildings with six one-bedroom units and 36 two-bedroom units. Transformed from a historic building into luxury living, The Falls is a 116-unit multifamily community with deep-rooted ties to the Hudson community. Located on a 20-acre site, the property is comprised of a three-wing apartment build- ing and 116 one-, two- and three-bedroomunits. The main lobby, central corridor, and the renovated former Greenpoint Elementary School provide space for expansive common area amenities to include an event venue in the former gym- nasium, commercial offices, and retail. The Falls enjoys a prime location, within walking distance of the Warren Street downtown commercial district, and is less than a mile fromCo- lumbiaMemorial Health in the heart of the Hudson Valley. n
Copper Cove Village
Investors Bank . Our Commercial Real Estate Lending Team has the experience and local knowledge to get the job done fast. Call us today!
Timothy J Touhey Senior Vice President Team Leader 609.223.8266
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