Green Park Financial and Quantum First Capital today announced the completion and financing restructure of a $496,869,282 Fannie Mae Master Credit Facility for an affiliate of Olympus Real Estate Partners. The credit facility is secured by 52 apartment communities located in six states, which are operated by WMC Management on behalf of the borrower, the successor owner toWalden Residential Properties. This restructuring included an initial loan funding of $479,227,336 in late 2003, and a recently completed $17,641,946 expansion.
Bethesda, MD (PRWEB) July 23, 2004 -- Green Park Financial and Quantum First Capital today announced the completion of a restructure of a $496,869,282 Fannie Mae Master Credit Facility for an affiliate of Olympus Real Estate Partners. The credit facility is secured by 52 apartment communities located in six states, which are operated by WMC Management on behalf of the borrower, the successor owner to Walden Residential Properties. This restructuring included an initial loan funding of $479,227,336 in late 2003, and a recently completed $17,641,946 expansion. The expansion enabled Walden to pay down a portion of its higher priced subordinate debt. The financing was funded through Green Park Financial of Bethesda, Maryland, and its exclusive Texas correspondent Quantum First Capital of Dallas.
"The Green Park Financial and Quantum team continually finds innovative ways to help Walden accomplish its financial goals," said Carla Stoner, WMC's chief financial officer. "We have enjoyed working with them on our complex deal structures. They have once again demonstrated their ability to provide value-added services and a customer-centric focus."
"The Walden deals highlight the benefits of the correspondent relationship between Green Park Financial and Quantum First Capital. Together, we continue to provide superior customer service, responsiveness, and unique deal structures," said Stuart Wernick, president, Quantum First Capital.
"We are extremely pleased to once again work with Walden," said Howard W. Smith, III, executive vice president and chief operating officer, Green Park Financial. "Our continued deal structures with Walden provide further evidence that Fannie Mae and Green Park Financial are able to work well together on large, complex deals. To take advantage of low market rates, Walden required timeliness, competitive loan programs, and a full-service approach. Green Park Financial has consistently demonstrated its ability to act quickly and effectively."
The original financing of Walden was a historic deal. The structured financing was initially funded for the privatization of Walden Residential Properties, Inc. (NYSE: WDN) in February, 2000, in one of the largest multifamily REIT privatizations in history. Since that time, Walden has successfully utilized the Master Credit Facility to add and dispose of assets in order to strengthen the overall portfolio investment. The new Facility will allow Walden to continue to substitute assets within their portfolio while maintaining low cost floating rate financing. Stuart Wernick, president, Quantum First Capital, originated the loan.
About Fannie Mae
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. Since 1968, Fannie Mae has provided $5.9 trillion of mortgage financing for 60 million families. For more information, go to www.fanniemae.com.
About Quantum First Capital
Based in Dallas, Texas, Quantum First Capital (QFC) is a commercial real estate finance and advisory firm specializing in mortgage banking. QFC acts as an exclusive correspondent for Green Park Financial. Founded in 1998, QFC provides a broad range of real estate financing alternatives and has strong relationships with multiple capital sources. Active in private placements, structured finance, credit-tenant and property dispositions, the principals of QFC have produced and participated in the financing of over $1.5 billion acting as a correspondent of Green Park Financial. For more information, go to www.qfclp.com.
About Green Park Financial LP
A full service national multifamily lender, Green Park Financial operates under Fannie Mae's Delegated Underwriting and Servicing (DUS) program and is recognized annually by Fannie Mae for outstanding performance. Since 1988, Green Park Financial has provided over $7 billion in financing for multifamily projects. Green Park Financial originates, approves, commits, closes, funds, and services loans for conventional multifamily, affordable housing, manufactured housing, student housing, small loans, and refinance / second loans. Green Park Financial is a joint venture between its managing general partner Walker & Dunlop, a commercial real estate services firm in the Mid-Atlantic region, and AIG SunAmerica, a financial services company. For more information, call 301.215.5500 or go to www.greenparkfinancial.com.
Contact:
Joelly M. Scherzer – Green Park Financial
Phone: 301.215.5516
Fax: 301.634.2151
jscherzer@greenparkfinancial.com
Linda Shanks – Quantum First Capital
Phone: 214.346.0200
Fax: 214.346.0244
linda@qfclp.com
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