IMT Capital Lands $625M in Financing for Sunbelt Multifamily Portfolio
IMT Capital has secured about $625.3 million to refinance a Sunbelt portfolio that consists of a total of 3,096 units.
Walker & Dunlop's capital markets team arranged the deal while working with Freddie Mac to deliver the financing solutions across multiple fixed-rate loans. The loans were completed between July and October of this year.
The exact properties were not revealed — but all eight are located in four Sunbelt states: California, Georgia, Tennessee and Colorado. This includes major cities such as Los Angeles, San Diego, San Francisco, Denver, Nashville and Atlanta. The full portfolio represents garden-style communities.
“Executing this portfolio refinance across multiple properties in some of the nation’s most competitive multifamily markets highlights both the strength of the sector and our strategic approach to growth,” Andrew Wizenberg, managing director at IMT, said in a statement.
“The power of Walker & Dunlop’s expertise combined with their partnership with Freddie Mac, were instrumental in achieving favorable terms and completing a complex, multi-asset transaction efficiently.”
Meanwhile, in recent years, many Sunbelt multifamily landlords have been dealing with skyrocketing supply. That trend appears to be continuing and it weighed on September multifamily rents in the region, with year-over-year rents in Miami falling by 3.3 percent, followed by San Diego at 3.4 percent and Los Angeles at 1.4 percent.
According to IMT, which focuses on apartment markets nationally, has made more than $7.4 billion in investments since its founding in 1992.
Source: GlobeSt/ALM