Walker & Dunlop Arranges $43.5M Financing for Esplanade at City Park
- Dec 30, 2013
Walker & Dunlop Inc. recently announced it provided $43.5 million for Esplanade at City Park, an apartment community located in New Orleans.
The 10-year, five-year interest-only acquisition loan was structured by Walker & Dunlop Senior Vice President Stephen Farnsworth through German American Capital Corp. for longtime borrower Priderock Capital Partners.
Commenting on the financing, Farnsworth said in a statement: “This financing is indicative of the recent growth of the CMBS market nationwide, resulting in Walker & Dunlop’s ability to structure loans with higher interest-only periods for borrowers. The transaction also demonstrates the continued development of the multifamily market in New Orleans and the increased demand for out-of-state institutional equity. As a native New Orleans resident, I am proud to have contributed to financing Esplanade at City Park, one of the most iconic apartment communities in the city.”
Located in the picturesque Mid-City area of New Orleans at 3443 Esplanade Ave., the Esplanade at City Park was built in 1973 and renovated between 2008 and 2010.The property offers 436 residential units and four commercial spaces. With floor plans ranging from 510-square-foot studios to 1,485-square-foot three-bedroom apartments, prices range from $995 to $2,555. The building features a prominent seven-story façade facing the scenic Bayou St. John waterway and overlooks the historic City Park. The property also benefits from being close to the new medical district, which includes the new Veterans Affairs facility and University Medical Center.
Esplanade at City Park features numerous amenities, including covered parking, a movie theater, a gaming room, a fitness center, a yoga/pilates room and a cabana room.