### Walker & Dunlop Secures $81M Refinance Loan for Chula Vista Apartment Complex
Walker & Dunlop has successfully arranged an $81-million refinance loan for Enclave Heritage Flats, a 312-unit apartment complex in Chula Vista, California. The loan was secured on behalf of Baldwin and Sons, LLC, with Walker & Dunlop’s Capital Markets team, led by Managing Director Gregory Richardson, facilitating the transaction. The financing was provided by Walker & Dunlop Investment Partners (WDIP), with Andrew Yaroma, Kimberly Schmitz, and Terri Magnani leading the lending team.
The teams structured a limited recourse, competitive floating-rate loan for the stabilizing property, incorporating 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.”
Located at 1800 Santa Carolina Road, Enclave Heritage Flats is a pet-friendly, low-rise apartment community near San Diego Bay. The complex offers one-, two-, and three-bedroom floor plans with contemporary finishes.
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