Bethesda, Md.-based Walker & Dunlop LLC has announced that it recently provided $5.956 million in financing for Delta Crossing, a garden-style residential apartment community located in Charlotte, N.C.
The acquisition loan was structured with a 10-year term with two years' interest only and a 30-year amortization under Fannie Mae's Early Rate Lock Program. The loan was underwritten to an 80% loan-to-value with a 1.25x debt-service coverage ratio, Walker & Dunlop reports.
Delta Crossing is a 178-unit apartment community built in 1989 situated on over 22 acres. The property was 94% leased at closing.