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Walker & Dunlop

The-Commodore-National-City-CA
AcquisitionsCaliforniaMultifamilyWalker & DunlopWestern

Gelt Venture Partners Buys 92-Unit Multifamily Community in National City, California

by Amy Works

NATIONAL CITY, CALIF. — Gelt Venture Partners has acquired The Commodore, an apartment property located at 200-250 E. 31st St. in National City, for $40 million. Built in 2024, The Commodore comprises six three-story buildings offering a total of 92 studio, one- and two-bedroom floor plans with select units featuring two-story and loft-style layouts. At the time of sale, the property was 96 percent occupied. Units feature in-unit washers/dryers, quartz countertops, designer tile backsplashes, wood-style plank flooring, European-style cabinetry, stainless steel appliances and private balconies. Community amenities include a resort-style pool and spa, clubhouse, an outdoor lounge with fire pit, barbecue areas, electric vehicle charging stations, detached garages and an onsite leasing office. Hunter Combs of Walker & Dunlop represented the buyer and undisclosed seller in the deal.

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LoansLouisianaMultifamilySoutheastWalker & Dunlop

Reynolds Obtains $23.2M Agency Refinancing for Apartment Community in Bossier City, Louisiana

by John Nelson

BOSSIER CITY, LA. — New Jersey-based investment firms Reynolds Asset Management has obtained a $23.2 million Fannie Mae loan for the refinancing of Preston Place, a 272-unit apartment community located at 400 Preston Blvd. in Bossier City, a suburb of Shreveport, La. Allan Edelson of Walker & Dunlop arranged the financing. Devli Real Estate is a joint venture partner of Reynolds for Preston Place. Reynolds acquired Preston Place in 2023 for $23.7 million, and renovations began immediately after the acquisition. Originally constructed in 1985, Preston Place sits on eight acres and comprises a mix of 133 one-bedroom apartments, 138 two-bedroom apartments and one three-bedroom apartment.

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LoansMultifamilySoutheastTennesseeWalker & Dunlop

Walker & Dunlop Arranges $105M Refinancing for 805 Lea Apartments in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan for the refinancing of 805 Lea, a 356-unit apartment tower in downtown Nashville. Built in 2021, the property features 10,203 square feet of ground-floor retail space across three suites. Amenities include a 24-hour concierge services, 29th floor sky lounge, saltwater swimming pool, fitness center and two outdoor fire pits. Stephen Farnsworth led the Walker & Dunlop team that arranged the three-year loan through Nuveen on behalf of the borrower, Key Real Estate Co. The loan features two optional 12-month extensions.

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CaliforniaLoansMultifamilyWalker & DunlopWestern

Walker & Dunlop Secures $91.4M Refinancing for Blue Rock Village Apartment Property in Vallejo, California

by Amy Works

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.

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FloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Arranges $87.3M Refinancing for 2000 Biscayne Apartment Tower in Miami

by John Nelson

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.

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DevelopmentFloridaLoansMultifamilyRestaurantSoutheastWalker & Dunlop

Walker & Dunlop Arranges $125M Construction Loan for Cassi Apartment Tower in Miami

by John Nelson

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.  

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GeorgiaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Secures $33M Refinancing for Massell Apartments in Cartersville, Georgia

by John Nelson

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.

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AcquisitionsLoansMultifamilySouth CarolinaSoutheastWalker & Dunlop

Walker & Dunlop Arranges $40M Acquisition Financing for Apartment Community in Spartanburg, South Carolina

by John Nelson

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.

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Caesars-Republic-Scottsdale-AZ
ArizonaHospitalityLoansWalker & DunlopWestern

Walker & Dunlop Arranges $86M Refinancing for Caesars Republic Scottsdale Hotel in Arizona

by Amy Works

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.

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Affordable HousingIllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $22.6M in Equity for Chicago Affordable Housing Community

by Kristin Harlow

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.

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