Walker & Dunlop Arranges Financing for Norfolk Asset
- Aug 19, 2015
Walker & Dunlop Inc. announced that it has recently closed an $18 million CMBS acquisition loan for the Norfolk Commerce Park in Norfolk, Va. The loan was secured through the firm’s lending platform and was arranged by John B. Levy & Co.
The Norfolk Commerce Park is a mixed-use asset located within the Central Norfolk submarket, in proximity of the Norfolk Naval Base. The property spans across 21.3 acres of land and incorporates multi-tenant office space, as well as a 331,686-square-foot warehouse facility. Key tenants include URS Federal Services, FedEx, and ITT Education Services.
The financing was structured as a 10-year, fixed rate loan with three years of interest-only payments and a 30-year amortization schedule.
“By collaborating with our client and listening to their wants and needs, we were able to establish a mutually agreeable structure that allowed us to fulfill our client’s request for CMBS execution despite the property’s challenging rent roll,” Geoff Smith, managing director & head of originations for Walker & Dunlop Commercial Property Funding, said in a prepared statement.
Image courtesy of First Potomac Realty Trust