In a successful transaction, Walker & Dunlop, Inc. secured $113 million in acquisition financing for 299 Franklin – a premier Class A multifamily community located in Redwood City. The experienced team at Walker & Dunlop Multifamily Finance, led by Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche worked diligently to arrange the financing on behalf of their valued client Acacia Capital.
Despite facing tough competition in the lending market, the team was able to secure an expedited offer from Fannie Mae that met all project requirements. Impressively enough,the entire process was completed within just 19 days.
Burns expressed his satisfaction with the outcome: “We were thrilled to partner with Acacia and surpass their expectations by closing this deal at lightning speed.”
The property itself is a modern development constructed in 2015 featuring 304 units consisting of studio apartments as well as one- and two-bedroom residences (including direct-access townhomes). With an average unit size of approximately 845 square feet,this fully market-rate apartment community offers residents access to top-notch amenities such as rooftop deck,pool and spa deck,business center,resident lounge,bicycle parking,and electric vehicle charging stations.This impressive achievement serves as yet another testament to Acacia’s success story.
