Walker & Dunlop Secures $58.8M Loan For Celebration Pointe Apartments In Gainesville, Florida | 4802 Southwest 34th Place | Livingston Hessam, Kyle Miller, Jeremy Pino, Carl Passmore | MultiFamily | Loan

Summary

Loan

FLORIDA

MultiFamily

Viking Companies, represented by Svein Dyrkolbotn, has secured a construction loan of $58.8 million for the development of Celebration Pointe Apartments in Gainesville, Florida. The multifamily property consists of 239 units and is located at 4802 Southwest 34th Place. The loan, provided by a life insurance company, is non-recourse and includes mezzanine financing. This transaction highlights the growing involvement of life insurance companies in the construction lending market.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $58,800,000
Units: 239
Address: 4802 Southwest 34th Place
Market: Gainesville

The deal was facilitated by the brokers Jeremy Pino, Livingston Hessam, Carl Passmore, and Kyle Miller of Walker & Dunlop. Their expertise and negotiation skills played a crucial role in securing the construction financing for this project. Walker & Dunlop continues to demonstrate their strong presence in the market as a reliable and successful brokerage firm.

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Details

Deal Summary

FINANCED

IMAGE: Livingston Hessam, Kyle Miller, Svein Dyrkolbotn, Jeremy Pino & Carl Passmore DATE: 06/29/2023 ADDRESS: 4802 Southwest 34th Place MARKET: Gainesville ASSET TYPE: Multifamily ~ UNITS: 239 LANDLORD: Viking Companies - Svein Dyrkolbotn BROKERS: Jeremy Pino, Livingston Hessam, Carl Passmore & Kyle Miller - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $58,800,000 LOAN TYPE: Construction Loan LOAN TERMS: 65% non-recourse with mezzanine financing from a debt and equity fund for a total debt capitalization of 85% loan-to-cost NOTE: Walker & Dunlop has secured $58.8 million in construction financing for Celebration Pointe Apartments, a 239-unit multifamily development in Gainesville, Florida. The financing includes a non-recourse senior loan from a life insurance company and mezzanine financing, highlighting the expanding role of life insurance companies in the construction lending market.

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Address4802 Southwest 34th Place

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