Walker & Dunlop LLC reports that it has closed a $12 million Fannie Mae acquisition loan for Eden Park Apartments, a garden-style residential apartment community located in Minneapolis. Walker & Dunlop says it closed the transaction 60 days after receiving the signed application.
The acquisition loan was structured with a 10-year term and a 30-year amortization under the Fannie Mae DUS Early Rate Lock Program. The loan was underwritten to an 80% loan-to-value with a 1.27x debt-service.
Eden Park Apartments is a 324-unit apartment complex situated on over 20 acres. The property was 94% leased at closing.