At a glance
- Waterton bought the property for $128.11 million in July.
- The loan covers about 86% of the $128.11 million purchase price, leaving roughly $18.1 million of sponsor equity, or about $32,000 a unit.
- For allocators comparing multifamily debt, the loan offers a floating rate, interest-only payments and a sponsor cushion of roughly 14%.
Walker & Dunlop arranged $110 million of floating-rate, interest-only acquisition financing for Wyndchase Aspen Grove, a 560-unit apartment community in Franklin, Tennessee, Connect CRE reported. Waterton bought the property for $128.11 million in July.
The loan covers about 86% of the $128.11 million purchase price, leaving roughly $18.1 million of sponsor equity, or about $32,000 a unit.
For allocators comparing multifamily debt, the loan offers a floating rate, interest-only payments and a sponsor cushion of roughly 14%.
The property has 33 residential buildings with one- to three-bedroom units averaging 1,091 square feet, plus more than 60 acres of green space, two pools, a fitness center, a clubhouse and a dog park. Rents run from $1,244 to $4,433.
The Franklin purchase follows Waterton's October acquisition of the 453-unit City Walk at Woodbury, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections