Walker & Dunlop Constructions $26 Million Building Mortgage for Luxurious Construct-for-Lease Properties in Las Vegas

BETHESDA, Md., Dec. 22, 2021 /PRNewswire/ — Walker & Dunlop, Inc. introduced at present that it organized $26,298,388in financing for Seneca at Southern Highlands, a 50-unit, luxurious build-for-rent (BFR) group to be constructed in Las Vegas, Nevada. The primary house will likely be delivered in September 2022, and the totally accomplished growth will likely be finalized in Might 2023.

Keaton Merrell, Jim Pierson, and Shannon Hersker, of Walker & Dunlop’s Phoenix-based capital markets staff, organized the non-recourse building financing on behalf of their consumer, Seneca. The staff collaborated throughout the Walker & Dunlop platform, partnering with Heather McClure, of the agency’s Dallas-based structured finance group to establish the perfect lender. The ultimate phrases of the mortgage included a three-year time period with interest-only funds at a really aggressive price.

“Working with Keaton and the Walker & Dunlop staff has been an excellent expertise and we had been introduced with a number of aggressive financing choices. We look ahead to working collectively once more quickly and we’re thrilled to maneuver ahead with the development of our newest Seneca neighborhood,” famous Michael Stuhmer, Principal at Seneca. “We’re hyper centered on creating properties and communities that serve the resident by merging maintenance-free options, tech-enabled performance, and personalised design inside a rented-home expertise.”

Ms. Hersker commented, “Our staff has been monitoring the expansion of the BFR sector and financing offers throughout the U.S. for a number of years now. We’re at present engaged on financing BFR property in over a dozen municipalities nationally. Like all of those locations, the Las Vegas MSA is a pure match for this asset class, and we had been happy to place our information and expertise to work for our consumer.”

Stretching throughout 10 acres and 119,500 rentable sq. toes, Seneca at Southern Highlands is an upscale townhome-style group that caters to younger households and older renters alike. Positioned on a hillside with views of the Las Vegas Strip, the neighborhood will embrace 25 three-bedroom, two-bathroom items and 25 four-bedroom, three-bathroom items. Every house will function a two-car storage and a personal yard. Property facilities function a personal gated entry, strolling trails, an elevated frequent space with a group backyard, and a personal canine park  

Walker & Dunlop’s BFR & SFR Apply Group is comprised of 12 consultants strategically positioned throughout the enterprise to finance and promote these specialty communities. Our nationwide staff gives professional steerage on property gross sales, debt origination, and the structuring of fairness to generate optimum returns and strategic relationships for our shoppers. The staff is lively with over fifty teams within the area, which vary from institutional shoppers, homebuilders, multifamily builders, and particular person traders. With an lively pipeline of over $1.9 billion of transaction quantity, the staff has intensive expertise executing on lending, capital brokerage, or funding gross sales alternatives. For extra info on our Construct-for-Lease observe group or to attach with an advisor, go to our web site.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the most important supplier of capital to the multifamily {industry} in america and the fourth largest lender on all industrial actual property together with industrial, workplace, retail, and hospitality. Walker & Dunlop permits actual property homeowners and operators to convey their visions of communities — the place People reside, work, store and play — to life. The ability of our individuals, premier model, and industry-leading expertise make us extra insightful and worthwhile to our shoppers, offering an unmatched expertise each step of the best way. With over 1,000 workers throughout each main U.S. market, Walker & Dunlop has constantly been named one in every of Fortune‘s Nice Locations to Work® and is dedicated to creating the industrial actual property {industry} extra inclusive and numerous whereas creating significant social, environmental, and financial change in our communities.      

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SOURCE Walker & Dunlop, Inc.