Walker & Dunlop Digs the South
Readily available multifamily deals has been one of 2013's main stories. And while deal volume heats up in the DC area, things are also beginning to sizzle down south, according to Walker & Dunlop SVP Stephen Farnsworth. The firm announced last week it recently provided $98M in financing for six multifamily deals throughout the Southeast(Florida, Georgia, Kentucky, and Louisiana). He tells us debt is available for all types of product, from acquisition financing to refinancing. Oh, and as for that 10% reduction in lending the FHFA is calling for? Itdidn'tstop Fannie and Freddie from beinginvolvedin all six of the deals.
Here's one of the properties:Springdale Glen Apartments in Clarkston, Ga. Stephen says although capital is out there throughout the region (and nationally, too), the atmosphere remains tremendously competitive with a few barriers involved. Lenders like Walker & Dunlop are looking for sponsors with a track record, as well as those committed to making capital improvements and growing rents. Stephen adds though volume remains good, some owners in the Southeast are choosing to stand pat, due to the regions solid rent growth.
