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Walker & Dunlop Closes $7.5 Million Fannie Mae Refinance Loan for Parkridge Meadows in Corona, California Bethesda, MD - March 6, 2012 - Walker & Dunlop, LLC announced today that it recently provided $7,500,000 in financing for Parkridge Meadows, a garden-style residential apartment community located in Corona, CA.
Parkridge Meadows is an 89-unit apartment development built in 1984, situated on over four acres. The multifamily property offers one- and two-bedroom floorplans in 12 residential buildings and one single family residence located adjacent to the apartments. Units feature ceiling fans and patios or balconies. Property amenities include an outdoor swimming pool, spa, barbeque area and a laundry facility. Parkridge Meadows was over 97 percent leased at closing.
The refinance loan was structured with a 10-year term and a 30-year amortization under Fannie Mae's Early Rate Lock Program. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt-service coverage ratio. Walker & Dunlop rate locked the transaction within 17 business days of receiving the signed application from the borrower.
Parkridge Meadows is an 89-unit apartment development built in 1984, situated on over four acres. The multifamily property offers one- and two-bedroom floorplans in 12 residential buildings and one single family residence located adjacent to the apartments. Units feature ceiling fans and patios or balconies. Property amenities include an outdoor swimming pool, spa, barbeque area and a laundry facility. Parkridge Meadows was over 97 percent leased at closing.
The refinance loan was structured with a 10-year term and a 30-year amortization under Fannie Mae's Early Rate Lock Program. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt-service coverage ratio. Walker & Dunlop rate locked the transaction within 17 business days of receiving the signed application from the borrower.
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