Newly Constructed South Florida Apartments Receive $67 Million in Financing via Walker & Dunlop
Walker & Dunlop announced a successful $67 million financing for Zona Village, a Class-A multifamily property in Davie, Florida.
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Rhea-AI Summary
Walker & Dunlop announced a successful $67 million financing for Zona Village, a Class-A multifamily property in Davie, Florida. The property includes 201 units and 16,500 sq. ft. of retail space and was completed in 2021. A national life insurance company provided the financing through a 10-year, non-recourse loan. The transaction reflects strong market demand for Class-A multifamily properties, with Zona Village ranked in the top 40 of 71,000 properties surveyed in the ORA Score. Walker & Dunlop originated $49 billion in debt financing in 2021, bolstering its position in the multifamily market.
Positive
- Secured $67 million in financing for the development of Zona Village.
- Reflects strong demand for Class-A multifamily properties.
- Walker & Dunlop originated $49 billion in debt financing in 2021, enhancing market position.
- Zona Village ranked in the top 40 of 71,000 multifamily properties in ORA Score rankings.
Negative
- None.
Details
News Market Reaction – WD
The recorded move for WD in the trading session of this news was +0.72%.
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BETHESDA, Md., Feb. 4, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured
Walker & Dunlop's Tom Melody, Eric McGlynn, Jonathan Paine, and Wes Wallace leveraged their wide range of capital sources, ultimately identifying a national life insurance company as the lender and securing the proceeds to refinance Zona Village. The team delivered a 10-year, non-recourse loan with a fixed interest rate for their client, Ceiba Groupe, to replace the existing construction financing.
"Walker & Dunlop's team did an excellent job of canvassing the capital markets as a whole, ultimately securing a financing solution that met each of Ceiba Groupe's key objectives and goals," said Adam Bedzow, Managing Principal of Ceiba Groupe. "With its mixed-use, structured parking, enclosed corridors, resort-style pool deck, and all the amenities just an elevator ride away, Zona Village represents a new way of living in the Town of Davie."
Mr. Melody added, "This transaction exemplified the capital markets' strong appetite for Class-A multifamily. We worked closely with the owner and lender to craft creative sizing covenants to support Zona Village's ongoing and rapid rent appreciation. Together, we were able to achieve Ceiba Groupe's target proceeds and provide a long-term, permanent financing solution for the asset."
Of 71,000 multifamily properties surveyed across the United States, Zona Village ranked in the top 40 on the Online Reputation Assessment (ORA) Score Power Rankings, which is an aggregate composition of property ratings across various review sites. Zona Village's ideal location in Davie places the property less than eight miles from downtown Fort Lauderdale, 22 miles from Downtown Miami, and near primary regional arteries including Interstate 595 and the Florida Turnpike. The community also provides residents with an impressive amenity package, including an expansive resort-style pool, conference room and working stations, comprehensive fitness facilities, an on-site pet spa, bike storage, on-site retail, and a spacious resident lounge.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, and in 2021 the firm originated
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.
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