Chula Vista Apartments Score $81M Floating-Rate Refi

Chula Vista Apartments Score $81M Floating-Rate Refi

Walker & Dunlop has arranged an $81-million refinance loan for Enclave Heritage Flats, an apartment complex in Chula Vista.  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 (WDIP) 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.” 

Located at 1800 Santa Carolina Rd. in Chula Vista, Enclave Heritage Flats is a 312-unit, low-rise apartment complex in proximity to San Diego Bay. The pet-friendly community offers one-, two- and three-bedroom floor plans with contemporary finishes. 

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