BETHESDA, Md., Sept. 11, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it arranged construction
financing in the amount of $51,600,000 for Beachwalk Apartments
and $6,500,000 for
Atlantica Isles, both located within the Beachwalk
master-planned community in St. John, Florida. Beachwalk Apartments is a 348-unit
garden-style rental community. Atlantica Isles is a 285-unit
housing community with villas and single-family homes.
The Beachwalk master plan, which is currently under development,
will include a 14-acre Crystal Lagoon with 1,000 feet of pristine
beachfront, a private beach club and a 175,000 square-foot retail
village along the shore. In addition to Beachwalk Apartments, the
Beachwalk master plan will eventually comprise over 750 for-sale
residential units, 825,000 square feet of retail and commercial
space, 360,000 square feet of office space, 1.5 million square feet
of industrial space, and a high school.
Beachwalk Apartments is being developed by Falcone Associates,
LLC, the family office of Arthur
Falcone based in Boca Raton,
Florida. Once complete, the multifamily property will
comprise eleven three-story buildings on 21.5 acres. Amenities will
include a clubroom, fitness center, pool, athletic courts, a
playground, walking access to the Crystal Lagoon, a beach club, and
waterfront retail. The property was financed by $34.75 million in senior financing coming from
BB&T and the remaining $16.85
million in joint venture equity coming from Birmingham-based
Equity Resources, LLC. Americrest Luxury Homes, led by Arthur Falcone, Neil
Eisner, and Albo Antenucci,
Jr., is developing Atlantica Isles. The financing of
$6.5 million for this property was
provided by Bank of the Ozarks. Atlantica Isles will feature 166
twin villa units and 119 single-family homes.
Both transactions were arranged by Kevin
O'Grady, Daniel Sheehan, and
Eric McGlynn, all managing directors
in Walker & Dunlop's Capital Markets group, based in
Miami, Florida. The team has been
active in structuring nonrecourse construction loans for apartments
and other property types nationwide. The team also focuses on
identifying providers of equity, structured debt, and portfolio
financing for developers and value-add owners and operators. As a
team, they have closed in excess of $16
billion of debt and equity transactions.
Walker & Dunlop is a leader in the multifamily space; the
firm ranked #1 with Fannie Mae for multifamily lending in
2017 and was also ranked within the top five largest multifamily
lenders with Freddie Mac and HUD. The Capital Markets team
also closed a record $7.3 billion in
total brokered volume with over 235 different capital providers in
2017, up 75 percent from 2016. To learn more about Walker &
Dunlop's financing capabilities, visit our website.
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.