Walker & Dunlop provides $57m loan on Florida apartments

The 10-year floating rate Fannie Mae loan with an interest rate equal to one month LIBOR plus 2.44 percent went to Bluerock Residential Growth REIT, according to the trust.

Walker & Dunlop has provided a $57.2 million agency refinancing on the Lansbrook Village apartment community in a suburb of Tampa, Florida.

Lansbrook Village, Palm Harbor, Florida
Lansbrook Village, Palm Harbor, Florida

The 10-year floating rate Fannie Mae loan, with an interest rate equal to one month LIBOR plus 2.44 percent, was provided to an affiliate of Bluerock Residential Growth REIT.

The new loan repays the existing senior loan of approximately $44.4 million and will feature a 48-month interest-only period followed by principal amortization for the remaining term, according to the REIT.

Bluerock owns the property in partnership with the Carroll Organization, which originally purchased the property in March 2014, county records show. The two firms formed a joint venture backed by the property the following October. The 614-unit Class A Lansbrook Village apartment community is located at 3751 Pine Ridge Boulevard in the Tampa suburb of Palm Harbor in South Florida.

Last month, Walker & Dunlop closed on another $672 million Fannie Mae financing on the acquisition of a 22-property US student housing portfolio. Walker & Dunlop also closed a $1.27 billion agency refinancing on a senior housing portfolio this January, marking the largest financing in the lender’s history.

Bluerock focuses on acquiring Class A institutional-quality apartment properties and owns $790.7 million in total assets as of March 31, 2016. The lender and borrower did not respond to requests for comment in time for publication.

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