Walker & Dunlop, Inc. has arranged a refinancing loan for Enclave Heritage Flats, a 312-unit multifamily community in Chula Vista. The financing totals $101,561,900 and is being used to refinance existing debt on the property.
The assignment was completed by a Walker & Dunlop Capital Markets Real Estate Finance team working alongside the firm’s Affordable Housing group. The effort was led by Gregory Richardson and Jeff Kearns, who structured the loan on behalf of their client, The Baldwin Company.
The new debt was secured through the U.S. Department of Housing and Urban Development’s HUD Section 223(f) program. According to Walker & Dunlop, the refinancing replaces a prior loan that the firm also arranged in 2024, with Richardson leading that earlier transaction as well.
In commenting on the deal, Richardson, a managing director with Walker & Dunlop, described Enclave Heritage Flats as an example of how the HUD Section 223(f) program is being used for high-quality multifamily assets. He highlighted the program’s ability to provide borrowers with long-term, fixed-rate financing, along with leverage levels and execution certainty that he characterized as attractive in the current environment.
Richardson also emphasized that these features are particularly valuable for institutional-quality multifamily properties that are performing well. Within that context, Enclave Heritage Flats was cited as the type of asset that can benefit from the combination of fixed-rate debt and a stable capital structure offered by the HUD Section 223(f) program.
The refinancing underscores continuing use of HUD-backed programs for multifamily capital needs in Chula Vista, with Walker & Dunlop maintaining an advisory role for The Baldwin Company across multiple financing events for the same property.
