The portfolio was refinanced over the course of six months, with Walker & Dunlop Vice President Dough Hart leading the origination team. The 10-year term Fannie Mae loans have 30-year amortization schedules.
Walker & Dunlop arranged three Fannie Mae loans totaling $76.9 million for a 962-unit multifamily portfolio. Vice President Doug Hart led the financing team that issued the fixed-rate credit facilities, all with 10-year terms and 30-year amortization periods. The three Class A, garden-style properties are located in Grand Prairie and Katy, Texas.
Cornerstone Ranch, located at 2002 S. Mason Road in Katy, offers one-, two- and three-bedroom apartments with an average size of 952 square feet. According to Yardi Matrix data, rents at the 352-unit community start at a monthly $762 and go as high as $1,666 as of last month. The 16-building asset is 94.9 percent occupied and features a business center, swimming pool, playground and more than 700 parking spaces.
Situated minutes away from Cornerstone Ranch, at 3903 S. Mason Road, Ashley House is the smallest of the three communities, with 276 units. The asset offers one-, two- and three-bedroom apartments, ranging in size from 528 to 1,321 square feet. The average rent at Ashely House was $929 as of May, when the 12-building property was 90.2 percent occupied. Amenities include a fitness center, business center, clubhouse, swimming pool and spa. The community also features more than 580 parking spaces.
Located at 2651 Stone Lake Drive in Grand Prairie, Stone Lake includes one-, two- and three-bedroom floor plans, ranging in size from 623 to 1,357 square feet. Rents at the 334-unit community are the highest of the three, starting at $1,001 for the one-bedroom apartments and going as high as $1,756 for the three-bedroom, two-bathroom apartments. Amenities at Stone Lake include a spa, swimming pool, clubhouse and covered parking with 585 parking spaces.
Ed White & Associates acquired all three properties this year. According to Yardi Matrix calculations, the portfolio is valued at $85 million.
Earlier this month, Walker & Dunlop also structured a $6.9 million loan for an Orlando age-restricted rental community.