Walker & Dunlop, Inc. facilitated the $113 million acquisition financing for Franklin 299, a Class A multifamily community in Bay Area Redwood City, California.
The Walker & Dunlop Multifamily Finance team, led by Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche, arranged the financing for longtime client Acacia Capital.
Amid a highly competitive financing landscape, the team identified Fannie Mae as the lender willing to expedite the project with an aggressive offer. The entire process closed in 19 days.
“We were happy to work alongside Acacia to exceed their expectations and close this deal in record time,” said Burns.
Built in 2015, the 304-unit, fully market-rate apartment community includes studio, one-, and two-bedroom residences, including 11 direct-access townhomes, with an average unit size of 845 square feet. Amenities at Franklin 299 include access to a rooftop deck, fitness center, swimming pool and spa deck, business and resident lounges, bicycle parking and electric vehicle charging stations.
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
