Walker & Dunlop (W&D) has successfully secured financing for Saddleback Village at Stonegate, a build-for-rent multifamily development in Maricopa, Arizona. The project will consist of 215 family rental homes on a 19-acre site purchased by developer Dominium for $8.26 million.
The W&D Affordable Equity team, led by Aaron Krasnow, and the W&D Affordable Debt team, led by PJ McDevitt, worked together to arrange $45.7 million in permanent debt and $41.5 million in LIHTC equity from Freddie Mac as the permanent lender.
Located south of Phoenix in Pinal County’s Maricopa area, Saddleback Village at Stonegate offers single-family home-style living with affordable rents for households earning up to 60% of the county’s median income under the LIHTC program. The complex will feature a mix of two-, three-, and four-bedroom units spread across one- and two-story buildings.
