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SHOREWOOD, Wis. — Walker & Dunlop Inc. (NYSE: WD) has structured a $20 million loan for The Oaks of Shorewood, an age-restricted community under development in the Milwaukee suburb of Shorewood.
Minneapolis-based Sherman Associates is developing the $26 million, luxury community. The project will feature 101 units. Located along the Milwaukee River, it is scheduled for completion in 2018.
Walker & Dunlop’s Jeff Schmidt and Tim Cotter led the origination team, which arranged the three-year, interest-only loan with local lender, TCF Bank. Loan terms include a floating rate and 75 percent loan-to-value ratio.