Walker & Dunlop Inc.’s subsidiary, Walker & Dunlop LLC, has provided $163.8 million in financing for four multifamily properties in Connecticut on behalf of Principal Management Partners. Hoyt Bedford Apartments and Morgan Manor Apartments are both in Stamford, Seramonte Apartments is located in Hamden, and Montoya Apartments is in Branford.
Each of the refinance loans was structured with a seven-year term with two years interest only and a 30-year amortization under Freddie Mac's Capital Markets Execution Program. Also, each property was underwritten to loan-to-value: Hoyt Bedford Apartments to 79.9 percent, Morgan Manor Apartments to 80.0 percent, Seramonte Apartments to 79.2 percent and Montoya Apartments to 80.0 percent.
Hoyt Bedford Apartments is a 349-unit mid-rise residential development situated on more than seven acres that offers studios, one- and two-bedroom units. Morgan Manor Apartments is comprised of two high-rise buildings on more than two acres featuring 238 residential units and six professional units. Seramonte Apartments is a 450-unit apartment community situated on more than 30 acres that offers 19 different floor plans in townhouses, garden-style and mid-rise buildings. The garden-style Montoya Apartments is a 133-unit development that offers multiple floor plans in one- and two-bedroom models.
Senior Vice President Drew Anderman led the Walker & Dunlop team.