Flexible lease-up refinancing on a new property for hundreds of residents
580 new units
across four total buildings
$170 million
Near Stabilization transaction
19% of units
attainable at 80% AMI, and 1% at 50% AMI
150 days
to achieve stabilization
Four multifamily buildings in one residential district
The right financing can go a long way in creating new rental communities in thriving cities — like this deal, which powered almost 600 units for Salt Lake City in one transaction. DUS® Lender Walker & Dunlop structured the refinancing for the Post District, a new-build property with four separate residential buildings. The property is full of premium amenities, close to downtown, and offers units with attainable rental rates to different levels of income.
An expanded lease-up timeline
With our Near-Stabilization product, Walker & Dunlop had the flexibility to offer their customer a rate lock on permanent financing for the entire Post District property. And — due to the borrower’s proven track record with similar assets — this Near-Stabilization deal included even more flexibility on the lease-up timeline, allowing the borrower 150 days to meet stabilized occupancy.
Powering a thriving urban market
The Post District offers Salt Lake City a variety of rental options that are attainable to more members of the local community. Walker & Dunlop and Fannie Mae could deliver the kind of rate-lock certainty and flexible terms that keeps borrowers coming back. We’re proud to make deals like this one possible — good for business, and great for renters across America.
