Warmington Properties has secured $190M in loans through Walker & Dunlop to refinance a 1,240-unit multifamily portfolio throughout California and Nevada.
The Costa Mesa, California-based firm seeks to revamp and add value to the properties, an initiative it has been pursuing since 2014. The loan will be used to renovate common areas, building exteriors, unit interiors and to upgrade amenities.
Walker & Dunlop, among the country's largest multifamily services and finance companies, arranged for six refi loans totaling $190.2M with Fannie Mae and Freddie Mac for the portfolio, which consists of predominantly Class-A and Class-B properties. W&D's Gregory Richardson and Scott Watson led the deal.
"This portfolio is a testament to our strong relationship with Warmington and the GSEs," Richardson said in a statement. "Given Warmington's long-term ownership, commitment to value enhancements and decades of industry experience and talent, we were pleased to have financed this portfolio."
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