Walker & Dunlop Arranges $30.4 Million Construction Loan for 110 Single-Family Build-for-Rent Homes in Antioch, IL
This article originally appeared on businessinsider.com
BETHESDA, Md., Sept. 24, 2021 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it arranged construction financing in the amount of $30,388,000for The Clublands of Antioch by Moda Homes, a 110-unit single-family rental community located in Antioch, Illinois. The project is being developed by Moda Homes, who has engaged Ryan Homes as the homebuilder.
The new development will sit within The Clublands of Antioch, a 1,000-unit master-planned community with approximately 450 existing homes. The village of Antioch is a tranquil suburban community with a small-town aesthetic and a downtown district featuring tree-shaded sidewalks and colorful vintage storefronts with cafes, bars, and specialty shops. Appealing to families and young professionals alike, the community is located in the highly desired District 34 school district and features convenient access to transportation nodes including the Antioch Metra Station, Interstate-94, Illinois 47, and Savage Road.
The financing was arranged by Eric McGlynn, Managing Director within Walker & Dunlop’s Capital Markets group and a member of its Build-For-Rent (BFR) and Single-Family Rental (SFR) Practice Group. The loan was provided by CoreVest Finance, a division of Redwood Trust that is a leading provider of debt to residential investors and developers. The floating rate, nonrecourse loan includes a two-year initial term in addition to one six-month extension option.
Joakim Mortensen, Chief Client Officer at CoreVest, stated, “This is an exciting build-for-rent project in an interesting market. While we have been financing purpose-built rentals since our inception, it’s our first project with Moda Homes. We were delighted to partner with the Walker & Dunlop and Moda Homes teams and look forward to the development of this community.”
Said Mr. McGlynn, “We are very pleased to have closed our first loan with CoreVest and Moda Homes in Chicagoland. Moda has significant land holdings in the area and big plans for developing additional communities, and CoreVest has been a great partner in helping to make that vision a reality.”
Once complete, The Clublands of Antioch will include a mix of one- and two-story luxury homes averaging 1,719 square feet, all with two-car garages. Homes include open, modern floor plans, quartz countertops, white cabinets, craftsman trim, hard surface floors and stainless-steel appliances. Situated on approximately 40 acres, the community features direct lake access to Homer White Lake, a community park, walking trails, and is adjacent to the 500-acre Raven Glen nature preserve, which includes trails for hiking, biking, and horseback riding. Future amenities will include a pool, clubhouse and fitness center.
Walker & Dunlop’s BFR & SFR Practice Group is comprised of 12 experts strategically positioned across the business to finance and sell these specialty communities. Our national team provides expert guidance on property sales, debt origination, and the structuring of equity to generate optimal returns and strategic relationships for our clients. The team is active with over fifty groups in the space, which range from institutional clients, homebuilders, multifamily developers, and individual investors. With an active pipeline of over $1.9 billion of transaction volume, the team has extensive experience executing on lending, capital brokerage, or investment sales opportunities.
View the original article here.