BETHESDA, Md., Aug. 20, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it has structured $10,806,000 million in financing for Prism
Multifamily Group's acquisition of Latitude 33, a 121-unit,
Class A multifamily property in downtown Palm Springs, California.
Latitude 33 holds significance for Palm Springs, which is home to only nine
market-rate apartment communities with 100 or more units each,
making for an important investment in a supply-constrained market.
Palm Springs has demonstrated
consistent rent growth and strong occupancies, which reflect a
growing demand in an area that has been gaining in popularity and
has benefited from a resurgence in tourism.
"Prism Multifamily Group is excited to be able to enter the
California market with our
acquisition in Palm Springs. We
feel that the Coachella Valley – and Palm
Springs in particular – is maturing from a seasonal vacation
spot to a year-round place to live," said Mark Zolty, President of Prism Multifamily
Group.
Built in 1965, Latitude 33 operates under a 99-year ground lease
that is regulated by the United States Department of the Interior
Bureau of Indian Affairs. The property underwent a comprehensive
renovation and repositioning in 2016. Since then, Latitude 33 has
generated high demand and has maintained a strong competitive
advantage due to its excellent downtown location.
Walker & Dunlop played an important role in this
transaction, utilizing its deep expertise in Fannie Mae financing
to ensure the property's ground lease was consistent with lending
requirements, which laid the foundation for a timely and efficient
closing process. The Walker & Dunlop team was led by
Alison Williams, Mark Grace, and Matt
Baldwin, who noted that "this property has a lot to offer
both for residents and for the surrounding community, and we are
honored to have played a role. This complex transaction required
diligence, attention to detail, and coordination amongst several
parties to facilitate a smooth transfer of ownership."
Latitude 33 features lavish amenities such as a resort-style
swimming pool, grilling stations, and a private courtyard with
shade sails. It is ideally situated just steps from restaurants,
nightlife, and entertainment in Palm
Springs.
Walker & Dunlop is a leader in the multifamily finance space
– ranking among the top five largest multifamily lenders for
Freddie Mac and the Department of Housing and Urban Development
(HUD), and the #1 Fannie Mae multifamily lender in 2017. The
firm's GSE originations have also increased by 41.3 percent from
2016 to 2017. For more information about Walker & Dunlop's
financing options and our capabilities, visit our website and read
the following press releases:
- Walker & Dunlop Structures $31
Million in Financing for Multifamily Apartments in
Melbourne, FL
- Walker & Dunlop Structures $53
Million in Financing for Multifamily Portfolio
- Walker & Dunlop Arranges $52.5
Million Refinance for Newly Constructed Apartment Building
in Brooklyn Heights, New York
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and finance companies in the
United States providing financing and investment
sales to owners of multifamily and commercial properties.
Walker & Dunlop, which is included in the S&P SmallCap 600
Index, has over 650 professionals in 29 offices across the nation
with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.