Walker & Dunlop announced that it has provided a $33.8 million commitment under the Freddie Mac Tax Exempt Loan (TEL) forward program for the permanent financing of Campus Oaks Phase I, an affordable, garden-style apartment community in Roseville, Calif.
The developer is The Canel Cos.
Senior vice presidents Frank Baldasare and Carolyn McMullen led the origination team, which arranged the TEL forward commitment for construction financing upon completion and stabilization of the property.
The Freddie Mac TEL Unfunded Forward Program allows borrowers to lock in interest rates for permanent debt at the same time the construction loan closes. Walker & Dunlop (NYSE: WD) leveraged the program to provide faster and more affordable financing than competing lending sources.
The property is located on the site known as the Hewlett-Packard Campus Oaks Master Plan, located within the North Industrial Planning Area. The property is the first of a two-phase multifamily development that will include 395 total units and will bring much-needed affordable housing to Roseville.
Once constructed, Campus Oaks Phase I will consist of 20 three-story apartment buildings, featuring 186 units, and a two-story clubhouse. About 20% of the units will be restricted to residents earning no more than 50% of the area median income.
Common area amenities will include a swimming pool, cabanas, a spa, a barbeque station, fire pits, a bicycle repair station, a beach volleyball court, and bocce courts.
From 2011 to 2016, Walker & Dunlop has closed over $2.7 billion in affordable housing financing across the United States.