CRE W Minnesota

Walker & Dunlop, Grandbridge team up to secure financing for Minnesota apartment community

Walker & Dunlop recently provided a $4.2 million acquisition loan secured by Wyngate Townhomes in Burnsville, Minn.

Walker & Dunlop recently provided a $4.2 million acquisition loan secured by Wyngate Townhomes in Burnsville, Minn.

The loan was structured with a 10-year term and a 30-year amortization. It was underwritten to an 80-percent loan-to-value.

Wyngate Townhomes is a Class-A 50-unit apartment community built in 2002. Each unit comes with an attached two-car garage, standard appliance package, walk-in closets, fireplace and washer/dryer units. The property was 92 percent leased at closing.

Jason Rice from Grandbridge Real Estate Capital originated the loan, while Walker & Dunlop senior vice president for multi-family finance Andrew Tapley led the Walker & Dunlop team during the transaction.