Walker & Dunlop closed on a $13.5 million Freddie Mac acquisition loan for a Priderock Capital Partners, LLC property.
The property, an apartment complex based in North Carolina was acquired from U.S. Bank, N.A. The acquisition loan was structured with a 7-year term and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program (CME).
According to a press release, the property’s high percentage of military tenants qualified the transaction for CME’s military concentration condition, enabling the loan to be underwritten to a 75% LTV with a 1,30x debt service coverage ration.
