Walker & Dunlop has arranged an $81 million refinance loan for Enclave Heritage Flats, an apartment complex in Chula Vista, within the San Diego MSA.
The W&D Capital Markets team led by managing director Gregory Richardson arranged the loan on behalf of the client, Baldwin and Sons, LLC. Walker & Dunlop Investment Partners served as the lender led by Andrew Yaroma, Kimberly Schmitz, and Terri Magnani.
The teams arranged a limited recourse, competitive floating-rate loan for this stabilizing asset, with a cash-out component. “We are seeing floating-rate debt gain popularity as SOFR decreases and the appetite from debt funds and life companies continues to grow,” said Richardson. “This transaction would not be possible without our partners at WDIP to arrange an outstanding solution for Baldwin and Sons.”
Enclave Heritage Flats offers a stylish collection of chic spaces to retreat, entertain, or work from home. Floorplans feature amenities like modernly designed layouts, spacious rooms, stainless steel appliances, and more. The pet-friendly community offers one-, two- and three-bedroom floor plans with contemporary finishes. The community is located just minutes from scenic hiking trails and downtown Chula Vista, offering easy access to Chula Vista’s premier dining, shopping, schools, and recreational options.
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
