Walker & Dunlop Secures $113 Million Acquisition Financing for Class-A Property in Bay Area
Walker & Dunlop, Inc. announced today that it facilitated the $113 million acquisition financing for Franklin 299, a Class-A multifamily community in one of the most explosive growth markets in the Bay area.
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299 Franklin (Photo: Business Wire)
The Walker & Dunlop Multifamily Finance team, led by Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan, and Matt DeMarche, arranged the financing on behalf of longtime client Acacia Capital. Despite the 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 an impressive 19 days with the application being signed on September 27, rate locked on September 30, and deal closing on October 16.
"We were happy to work alongside Acacia to exceed their expectations and close this deal in record time," said Jeff Burns, managing director of Multifamily Finance at Walker & Dunlop. "Our team's swift and strategic approach allowed us to navigate the competitive landscape effectively, ensuring that we not only met but surpassed our client's goals."
Built in 2015, the 304-unit, fully market-rate apartment community consists of fully appointed studio, one-, and two-bedroom residences, including 11 direct-access townhomes, with an overall average unit size of 845 square feet. Amenities include access to a rooftop deck, expansive state-of-the-art fitness center, swimming pool and spa deck, business and resident lounges, bicycle parking, and electric vehicle charging stations.
Located in the heart of the San Francisco Peninsula, equidistant between San Francisco and San Jose, Redwood City is a haven for some of the world's top intellectual minds, evident in the city's burgeoning life science and technology industries. The property's strategic location is near major employment centers of San Francisco, Oyster Point, the Peninsula, and Silicon Valley. In addition to a wide variety of upscale restaurants, entertainment venues, and high-end retailers, the city also boasts a strong sense of community, exemplified by weekly farmers markets and public concerts in the summer months.
Walker & Dunlop is one of the top providers of capital to the U.S. multifamily market; in 2023 the firm originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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