HUD Section 223(f) Loan Refinances Chula Vista Multifamily
Walker & Dunlop, Inc. arranged a $101,561,900 loan to refinance Enclave Heritage Flats, a 312-unit multifamily community in Chula Vista. A Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing team, led by Gregory Richardson and Jeff Kearns, arranged the financing on behalf of the client, The Baldwin Company.
The loan was secured through the U.S. Department of Housing and Urban Development’s HUD Section 223(f) program. It refinances the existing debt Walker & Dunlop arranged in 2024, a financing also led by Richardson.
“Enclave Heritage Flats is an excellent example of how the HUD Section 223(f) program has become an increasingly efficient and attractive execution for high-quality multifamily assets,” said Richardson, managing director with Walker & Dunlop. “The ability for borrowers to secure long-term, fixed-rate financing with attractive leverage and increased certainty of execution is incredibly valuable, particularly for well-performing institutional-quality assets like Enclave Heritage Flats.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout