Walker & Dunlop structures $40.4 million in capital for renovated Alexandria property
Walker & Dunlop Inc. announced Wednesday that it recently structured $40.4 million in equity and debt financing for the recapitalization of The Mark Apartments, a 227-unit, high-rise apartment complex in Alexandria.
The clients, Northpoint Realty Partners and Persimmon Capital Partners, recently completed an extensive redevelopment program to transform the property from an outdated hotel to a modern multifamily community in an area of high rental demand.
Led by Managing Director Jamie Butler, Walker & Dunlop's Structured Finance team replaced the existing construction debt with a transaction that included a fixed-rate senior debt from Freddie Mac and joint venture equity from RSE Capital Partners.
“Our clients have shown tremendous foresight, skill, and dedication in successfully completing the intricate conversion of an obsolete hotel into an innovative apartment building. The result is a property that squarely meets the overwhelming demand for housing in the submarket,” Butler said in a statement.
Located 15 minutes from downtown Washington, D.C., The Mark Apartments offers access to retail, entertainment, and key employers throughout the region by way of the Van Dorn Metro Station and Interstates 395 and 495.
The newly renovated property offers residents units ranging from studios to three-bedrooms. In addition to new interiors and appliances, amenities include a pool with landscaped deck, an outdoor grilling and dining terrace, fitness center, laundry lounge and parking.
Based in Bethesda, Md., Walker & Dunlop is one of the largest commercial real estate services and finance companies in the U.S. It has more than 600 employees in in 28 offices.