Loans on Escondido Apartments Get $37.5 Million RefinancingThursday, February 27, 2014
Maryland-based Walker & Dunlop Inc. has provided approximately $37.5 million in loan refinancing for Latitude 33 Apartments, a new 198-unit multifamily community in Escondido developed by Lyon Communities of Newport Beach.
Officials of the commercial real estate financing company said existing loans were restructured under Freddie Mac’s Capital Execution Program. The balance was structured as two loans, financing the property’s midrise apartments and townhomes separately, in order to meet the borrower’s short- and long-term investment plans.
The financing firm also provided “takeout financing” to pay off the existing construction loan and return capital to the borrower.
Headquartered in Bethesda, Walker & Dunlop (NYSE: WD) focuses primarily on multifamily lending.