BETHESDA, Md., Sept. 24, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it arranged construction
financing in the amount of $30,388,000 for The Clublands of Antioch by Moda
Homes, a 110-unit single-family rental community located in
Antioch, Illinois. The project is
being developed by Moda Homes, who
has engaged Ryan Homes as the
homebuilder.
The new development will sit within The Clublands of
Antioch, a 1,000-unit
master-planned community with approximately 450 existing homes. The
village of Antioch is a tranquil
suburban community with a small-town aesthetic and a downtown
district featuring tree-shaded sidewalks and colorful vintage
storefronts with cafes, bars, and specialty shops. Appealing to
families and young professionals alike, the community is located in
the highly desired District 34 school district and features
convenient access to transportation nodes including the Antioch
Metra Station, Interstate-94, Illinois 47, and Savage Road.
The financing was arranged by Eric
McGlynn, Managing Director within Walker & Dunlop's
Capital Markets group and a member of its Build-For-Rent (BFR) and
Single-Family Rental (SFR) Practice Group. The loan was provided by
CoreVest Finance, a division of Redwood Trust that is a leading
provider of debt to residential investors and developers. The
floating rate, nonrecourse loan includes a two-year initial term in
addition to one six-month extension option.
Joakim Mortensen, Chief Client
Officer at CoreVest, stated, "This is an exciting build-for-rent
project in an interesting market. While we have been financing
purpose-built rentals since our inception, it's our first project
with Moda Homes. We were delighted
to partner with the Walker & Dunlop and
Moda Homes teams and look forward to the development of this
community."
Said Mr. McGlynn, "We are very pleased to have closed our first
loan with CoreVest and Moda Homes in
Chicagoland. Moda has significant land holdings in the area and big
plans for developing additional communities, and CoreVest has been
a great partner in helping to make that vision a reality."
Once complete, The Clublands of Antioch will include a mix of one- and
two-story luxury homes averaging 1,719 square feet, all with
two-car garages. Homes include open, modern floor plans, quartz
countertops, white cabinets, craftsman trim, hard surface floors
and stainless-steel appliances. Situated on approximately 40 acres,
the community features direct lake access to Homer White Lake, a
community park, walking trails, and is adjacent to the 500-acre
Raven Glen nature preserve, which
includes trails for hiking, biking, and horseback riding. Future
amenities will include a pool, clubhouse and fitness center.
Walker & Dunlop's BFR & SFR Practice Group is
comprised of 12 experts strategically positioned across the
business to finance and sell these specialty communities. Our
national team provides expert guidance on property sales, debt
origination, and the structuring of equity to generate optimal
returns and strategic relationships for our clients. The
team is active with over fifty groups in the space, which
range from institutional clients, homebuilders, multifamily
developers, and individual investors. With an active pipeline of
over $1.9 billion of transaction
volume, the team has extensive experience executing on lending,
capital brokerage, or investment sales opportunities. For more
information on our Build-for-Rent practice group or to connect with
an expert, visit our website.
About Moda Homes
The
project developer, Moda Homes, is
the owner and developer of over 3,000 suburban Chicago residential lots. The Moda team
develops, constructs and owns residential properties in the most
sought out locations in the strongest employment corridors
throughout Chicagoland. Properties are located in great school
districts with close proximity to major transportation arteries and
near commuter rail stations.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest
commercial real estate finance companies in the United States. The company provides a
comprehensive range of capital solutions for all commercial real
estate asset classes, as well as investment sales brokerage
services to owners of multifamily properties. Walker & Dunlop
is included on the S&P SmallCap 600 Index and was ranked as one
of FORTUNE Magazine's Fastest Growing Companies in 2014,
2017, and 2018. Walker & Dunlop's 900+ professionals in 40
offices across the nation have an unyielding commitment to client
satisfaction.
About CoreVest Finance
CoreVest is the leading
lender to residential real estate investors, nationwide. It offers
long-term loans for stabilized rental properties as well as
short-term bridge loans, investment credit lines and build to rent
programs. With more than $10 billion
in loans funded and 100,000 units financed, CoreVest offers
attractive rates, rapid timelines and closing certainty. The
company works directly with borrowers and brokers. For more
information, visit www.corevestfinance.com.
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SOURCE Walker & Dunlop, Inc.