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Douglas Emmett Completes $550 Million Portfolio Refinancing

Walker & Dunlop Closes Deal through Fannie Mae
August 11, 2017
Working with Walker & Dunlop Inc. (NYSE: WD), LA-based REIT Douglas Emmett Inc. (NYSE: DEI) secured four loans to refinance four apartment properties in Los Angeles and Santa Monica.

The secured non-recourse $550 million interest-only loans mature in June 2027. The loan bears interest at LIBOR plus 1.37 which Douglas Emmett effectively fixed at 3.16% for five years.

Approximately 90% of the total loan amount, or close to half a billion dollars, qualified for Fannie Mae's Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction to date closed using Fannie Mae's Green Rewards.

Walker & Dunlop managing director, Allan Edelson, led the team that structured and closed the loans in the second quarter of 2017 with an all-in rate of under 3.2%.

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