Bethesda-based commercial real estate and financial firm Walker & Dunlop, Inc. (NYSE: WD), announced that it has provided a loan to a primarily luxury residential apartment development in D.C. through its subsidiary Walker & Dunlop, LLC.
Vaughan Place at McLean Gardens was refinanced through a $93 Million Life Company Refinance Loan which closed on August 12, 2011. Terms of the loan include a 10-year tenure with 1-year interest only and 30-year amortization.
The residential development located at 3401 38th Street NW Washington, DC 20016 is close to Wisconsin Avenue and is 97% leased. The 389 Class-A apartment units in offers a variety of grades including high-rise, mid-rise and low-level garden-style structures. In addition, the project integrates 46,357 square feet of retail and office space.
Amenities include outdoor pool, advanced fitness center, ballroom and 24-hour conceirge.
J. Tyler BlueExecutive Vice President, Capital Markets at Walker & Dunlop was team lead with the assistance of Elizabeth Conaha of Volta Place, LLC, Paul Wallace, Vice President, Capital Markets at Walker & Dunlop and Hagan Dick, Senior Analyst, Capital Markets at Walker & Dunlop.