Walker & Dunlop Structures $47M Financing for Savannah Opportunity Zone Development

Situated in of the savannah downtown, the property is within the boundaries of a census tract designated as an economic opportunity area. Opportunity Zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investment in designated low-income areas by providing incentives in the form of taxes on reduced or deferred capital gains.

Directed by Chris Rumul and Taylor WilliamsWalker & Dunlop arranged construction financing on behalf of the developer, Standard communities, a major national investor and developer of multi-family housing and a regular customer. Collaborating on the Walker & Dunlop platform, the team pooled the resources of its FHA Finance and Capital Markets groups to identify the ideal funding source for its client. The resulting financing was secured from a regional life insurance company and includes both construction financing and permanent financing in one loan. The team worked to ensure that financing terms were in line with Opportunity Zone forecasts, ensuring a 12-year construction term with four years of interest-only payments.

“We are incredibly proud to play a part in the development of such a unique project and are thrilled to bring this distinctive and elevated life experience to Savannah,” mentioned Jeffrey Jäger, co-founder and director of Standard Communities. “Thanks to the diligent work of our financial partners, The Line will meet a much needed demand for multi-family housing in this growing region.”

Standard’s primary focus will be to maintain the original structural integrity of the property while combining the benefits and conveniences of new construction and a modern apartment community. The resulting community will consist of two buildings in total and will blend seamlessly into the old and new vibe of downtown. Savannah. The Line will feature a full suite of premium amenities, including a deck level with a swimming pool, deck, fitness center and grill area. The project will also include on-site parking, a club room with a view of Downtown Savane and the Savannah River, and resident storage. Savannah benefits from a dynamism that attracts young professionals, relocated families and tourists. The dynamic economy of the region has attracted major companies such as Gulfstream, of the savannah largest employer, which employs approximately 9,800 people in its production plant.

Walker & Dunlop is the third-largest capital provider in the US multifamily market, originating $49 billion in transactions and loans on $42 billion for multi-family properties in 2021. With one of the strongest networks in the industry, the company’s brokered loans in 2021 totaled $30 billiona 170% increase over 2020. To learn more about our capital markets funding capabilities and options, visit our website.

About Walker & Dunlop
Walker and Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling property owners and operators to realize their vision for communities – where Americans live, work, shop and play. The power of our people, our leading brand and our cutting-edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1,300 employees in all major US marketsWalker & Dunlop has consistently been named one of FortuneThe best places to work® and is committed to making the commercial real estate industry more inclusive and diverse while create meaningful social, environmental and economic change in our communities.

SOURCEWalker & Dunlop, Inc.

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