Walker & Dunlop has arranged a $25.48 million loan to refinance River Birch Apartments, an apartment community located in Caledonia, Michigan.
The Walker & Dunlop Multifamily Finance team, led by Mary Stuart Hurst and Fletcher Dunn, partnered with Kari Zapolski of Inner Circle Holdings to arrange an early rate lock, a 10-year loan from Fannie Mae.
The loan features five years of interest-only payments followed by a 35-year amortization schedule.
River Birch Apartments is a 140-unit Class A apartment community featuring one-bedroom and two-bedroom homes. Located at 3454 French School, the property is situated 15 miles from downtown Grand Rapids, and is surrounded by nearby shopping, dining, parks, and recreational activities.
“The River Birch project’s Green Globes Certification played a key role in securing highly competitive pricing and favorable credit terms from Fannie Mae, even in a challenging lending environment,” said Hurst.
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