Widewaters Group Inc. Secures $50.5 Million Freddie Mac Refinance For 350-unit Knightdale Apartments

The asset involved in this transaction is a multi-family apartment complex located at 1001 Park Commons Drive, Knightdale, NC. This property consists of 350 units and was completed in 2019. It currently has an occupancy rate of 91%, with average rents set at $1,503.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $50,500,000
• Lender: Freddie Mac
• Landlord: The Widewaters Group Inc.
• Loan Type: Refinance
• Brokers: Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer & Jackson Irwin - Walker & Dunlop

The refinance loan, amounting to $50.5 million, was secured to support the financial needs associated with the Parkstone at Knightdale apartment complex. The transaction was facilitated by several brokers from Walker & Dunlop, showcasing a collaborative effort in the brokerage aspect of the deal.