Affordable Multifamily Property Receives $7 Million in Financing via Walker & Dunlop
BETHESDA, MD. June 26, 2017 - Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $6,893,000 loan for William Booth Towers, a project-based Section 8 and age-restricted rental community in Orlando, Florida. Senior Vice President, Jeff Kearns, led the Walker & Dunlop origination team, which utilized the United States Department of Housing and Urban Development (“HUD”) 223(f) program to refinance the property's existing HUD 202 loan.
The refinance reduced the property owner's interest rate by three percent and generated proceeds which will be utilized to perform a $3.5 million rehabilitation of the property. Renovations will include interior cabinetry upgrades, exterior painting, an upgraded building security system, and accessibility improvements. The loan included a 35-year, fixed rate term.
Mr. Kearns commented, “We were pleased to be a part of the William Booth Towers transaction, which will further enhance the what is already a superior age- and income-restricted property in the Orlando market. The property has been in excellent condition throughout its life, and the owner will be well-positioned to ensure long-term viability of the property.”
Built in 1980, William Booth Towers is one of the premier subsidized assets in the Orlando, Florida market serving residents aged 62 and above. The 15-story, 168-unit multifamily community is located just west of the central business district, in a residential neighborhood. Nearby attractions include the Bob Carr Theater, East End Market, Harry P. Leu Historic Gardens, restaurants, and additional nightlife. The property is consistently well-occupied and has a waitlist of over 200 qualified households. All units are one-bedroom and some are handicap-accessible. Additional property features include a recreation room, craft and exercise classes, a community garden, and a passenger bus.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 550 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
Contacts:
Investors:
Claire Harvey
Vice President, Investor Relations
[email protected]
Phone 301.634.2143
Media:
Susan Weber
Chief Marketing Officer
[email protected]
Phone 301.215.5515
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
