Walker & Dunlop LLC has provided a $10 million refinance loan for the Woods Apartments, a 359-unit garden-style community in Tucson, Arizona.
Backed by Fannie Mae, the loan was structured with a 10-year term and a 30-year amortization. It was underwritten to a 65% loan-to-value.
Newmark Realty Capital originated the loan.
The Woods Apartments, built in 1985, boast two in-ground pools, two spas, a playground, a barbeque area, a volleyball court, a fitness room and a club house.
The community was 98% leased at closing.
Based in Bethesda, Md., Walker & Dunlop (NYSE: WD) is a major provider of commercial real estateservices, with a primary focus on multifamily lending. A Fannie Mae delegated underwriting and servicing (DUS) lender and participant in other federal programs, Walker & Dunlop lends to apartment owners, investors, and developers.