VALLEJO, CALIF. — Walker & Dunlop has arranged $91.4 million in loan proceeds for the refinancing of Blue Rock Village, a Class B apartment property located at 2000 Ascot Parkway in Vallejo. Bryan Frazier and Blake Hockenbury of Walker & Dunlop Multifamily Finance secured a 10-year, full-term interest-only loan at a fixed rate from Freddie Mac for the borrower, Prime Residential. Situated on 35.7 acres, Blue Rock Village features 41 buildings, including 38 garden-style residential buildings offering a total of 560 units, as well as a leasing office, fitness center and maintenance building. Additional amenities include a spa, swimming pools and dog parks.
MIAMI — Walker & Dunlop has arranged an $87.3 million loan for the refinancing of 2000 Biscayne, a new 36-story apartment tower in Miami. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop’s New York City capital markets team arranged the financing on behalf of the borrower, a joint venture that includes Kushner Cos. and PTM Partners. Corebridge Financial provided the loan. The 420-unit property comprises 75 studios, 204 one-bedroom, 129 two-bedroom and 12 three-bedroom apartments. Amenities include coworking spaces, community dining areas, a fitness center with locker rooms, spa, game room, children’s play area, pet spa and a dog park. 2000 Biscayne was 75 percent leased at the time of financing, a little more than a year after Kushner and PTM Partners began preleasing.
MIAMI — Walker & Dunlop has arranged a $125 million construction loan for Cassi, a 20-story apartment tower located at 91 N.E. 36th St. in Miami’s Design District. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski led Walker & Dunlop’s New York Capital Markets team in arranging the financing on behalf of the borrower, a joint venture between the Miami Design District Associates and The Forbes Co. Amerant Bank was the lead lender, with Bank Hapoalim also participating. Cassi will feature one-, two- and three-bedroom apartments averaging 1,509 square feet in size. The tower will also include 23,000 square feet of retail space.
CARTERSVILLE, GA. — Walker & Dunlop has secured a $33 million loan for the refinancing of The Massell, a newly delivered apartment community located at 1230 Joe Frank Harris Parkway in Cartersville, a northwest suburb of Atlanta. Stephen Farnsworth and Hanes Dunn led the Walker & Dunlop team that arranged the loan through ACRE on behalf of the borrowers, Norhaven Partners and Coro Realty. The non-recourse loan features a floating interest rate, five-year term and full-term interest-only payments. The Massell is a 210-unit, garden-style community that features a clubhouse with a coworking area, 24/7 fitness center, resort-style swimming pool with sundeck, grilling stations and a pet park.
SPARTANBURG, S.C. — Walker & Dunlop has arranged $40 million in acquisition financing for The Lively at Drayton Mills, a 297-unit apartment community located at 225 Milliken St. in Spartanburg. The borrower is BridgeGaps Real Estate, a New York City-based multifamily investment and management firm. Jared Sobel led the Walker & Dunlop team that arranged the financing, which comprised a $31 million Freddie Mac loan and a $9 million preferred equity investment from W&D Investment Partners, an alternative investment manager backed by Walker & Dunlop. Orange Capital Advisors sold the property to BridgeGaps for $53 million. David Lansbury, Jim Sewell and Erika Maston of Berkadia represented the seller in the transaction. Built in 2023, The Lively at Drayton Mills features studio, one-, two- and three-bedroom apartments, as well as a walking/biking trail, dog park, bocce ball court, fitness center and a swimming pool.
SCOTTSDALE, ARIZ. — Walker & Dunlop has arranged an $86 million loan to refinance the Caesars Republic Scottsdale, a Hilton Hotel. Walker & Dunlop Arizona Capital Markets, led by Jim Pierson and Keaton Merrell, partnered with Walker & Dunlop New York Capital Markets, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Ari Hirt and Christopher de Raet, to arrange the loan as an exclusive advisor to HCW Development. A regional bank provided the financing. Jay Morrow and Carter Gradwell of Walker & Dunlop Hospitality guided HCW throughout the process, working in collaboration with the capital markets teams. Opened in March 2024, the 11-story hotel offers 265 guest rooms, including five exclusive top-floor penthouse suites with panoramic views, outdoor terraces and full kitchens, alongside 28 luxury suites. Amenities include three restaurants, two pools and more than 20,000 square feet of event space, including a 7,000-square-foot ballroom that opens to Cleopatra’s Pool & Bar and the 3,000-square-foot Camelback Veranda and several conference rooms. Caesars Republic Scottsdale is the first non-gaming hotel by Caesars Entertainment in the United States and represents a partnership between Caesars Entertainment, Hilton Hotels and HCW.
CHICAGO — Walker & Dunlop Inc. has arranged $22.6 million in equity for Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago’s Near North Side. Jennifer Erixon led the Walker & Dunlop team that syndicated Low-Income Housing Tax Credits and Illinois Donation Tax Credits on behalf of the borrower, Holsten Real Estate Development Corp. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan. The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefitting from a 20-year Section 8 Housing Assistance Payment contract. The affordable units will be reserved for households earning between 50 and 60 percent of the area median income. Parkside 5 will feature three three-story, walk-up buildings and an eight-story mid-rise structure with townhome units at its base. Planned amenities include a community room, fitness center and onsite social services for residents. A playground and dog park will be open to the community.
Nashville’s multifamily sector has faced headwinds stemming from a wave of new deliveries over the past few years, similar to other high-growth areas across the country. Across this market, stabilized occupancy is currently 350 basis points below historical norms. Average market rents have declined nearly 3 percent from their 2022 peak, and concessions are widespread across several submarkets. However, despite these challenges, optimism is building around the Nashville’s outlook over the coming years. Investors are actively seeking well-positioned assets, anticipating what many believe will be the next strong cycle for multifamily assets in this market. Over the past three years, Nashville’s multifamily market has absorbed approximately 28,000 units, compared to roughly 30,000 new deliveries — creating a near-term supply-demand imbalance that contributed to recent softness. Nevertheless, the outlook is shifting. Only 17,000 units are expected to deliver between 2025 and 2027, while demand is expected to exceed this new supply materially, creating strong tailwinds for rent growth. In 2024 alone there were over 11,000 units of net absorption. New starts are few and far between, mostly concentrated in suburban submarkets where developers can build cost-effective, attainable housing. Elevated construction costs and higher interest rates continue to constrain development, pointing to …
SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.
CHELMSFORD, MASS. — DH Property Holdings (DHPH) has received a $19.2 million construction loan for an office-to-industrial conversion project in Chelmsford, located northwest of Boston. The regional developer plans to demolish a 102,786-square-foot office building at 270 Billerica Road and construct a 91,606-square-foot industrial facility with a clear height of 32 feet, 12 dock positions and parking for 181 cars and 11 trailers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Stanley Cayre of Walker & Dunlop arranged the loan through Voya Financial on behalf of DHPH.
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