Walker & Dunlop Inc. recently closed a portfolio of four refinance loans on behalf of Douglas Emmett, Inc., a leading real estate investment trust with a focus in the Southern California and Honolulu markets. Approximately 90% of the total loan amount, or close to half a billion dollars, qualified for Fannie Mae’s Delegated Underwriting and Servicing Green Rewards program, making it the largest transaction to date closed using Fannie Mae’s Green Rewards, according to a prepared release.
Walker & Dunlop Managing Director, Allan Edelson, led the team that structured and closed the loans in the second quarter of 2017 with an all-in rate of under 3.2%.
Edelson explains that “We were very pleased to assist our long-time client Douglas Emmett in structuring a transaction that furthers the firm’s strategy for its large portfolio of high quality multifamily apartments. The loans took advantage of Fannie Mae’s DUS Green Rewards program, which involved environmental upgrades to three of the four properties in this financing. These improvements allowed the borrower to secure extremely competitive loan terms while ensuring more sustainable operations and cost savings for years to come.”
The interest-only loans are backed by four class-A apartment properties located in Los Angeles and Santa Monica, CA.
Douglas Emmett Inc. is one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. The REIT focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.