The restructuring included an initial loan funding of $479.2 million in late 2003, and a recently completed $17.6 million expansion, which enabled Walden to pay down a portion of its higher priced subordinate debt. The financing was funded through Green Park Financial of Bethesda, Md., and its Texas correspondent Quantum First Capital of Dallas.
"The Green Park Financial and Quantum team continually finds innovative ways to help Walden accomplish its financial goals," says Carla Stoner, CFO for WMC. "We have enjoyed working with them on our complex deal structures. They have once again demonstrated their ability to provide value-added services and a customer-centric focus."
The original financing of Walden was a historic deal. The structured financing was initially funded for the privatization of Walden Residential Properties, Inc. (NYSE: WDN) in February 2000, in one of the largest multifamily REIT privatizations in history. Since that time, Walden has utilized the Master Credit Facility to add and dispose of assets as a way to bolster the overall portfolio investment. The new facility enables Walden to continue to substitute assets within its portfolio while maintaining low-cost floating-rate financing.