Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MichiganFinance

Walker & Dunlop closes $48 million loan for castle-themed apartments

November 12, 2019
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Walker & Dunlop provided a $48.3 million bridge loan for The Grand Castle Apartments, a newly developed Class-A multifamily complex located in Grandville, Michigan, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., The Grand Castle Apartments comprises 522 units and is modeled after the famed Neuschwanstein Castle in southern Germany.

Walker & Dunlop Vice President Benjy Krosin partnered with Kari Zapolski of Inner Circle Holdings, a longtime preferred correspondent located in Rockford, Michigan, to originate the transaction. The debt was structured by Walker & Dunlop’s interim loan program, which provides short-term, nonrecourse loans backed by multifamily properties that are being repositioned or that do not yet qualify for permanent financing.

The 24-month, floating rate loan includes full term interest-only payments and enables the borrower to pay off the existing construction debt with ample time to complete the remaining lease up. Additionally, the flexible prepayment structure allows for seamless conversion to permanent upon stabilization.

Totaling more than 1 million square feet, the development offers a variety of living spaces, including studios, one-, two- and three-bedroom units, as well as multi-level penthouse apartments. Community amenities include lake access, a swimming pool, fitness center, business center, electronic parcel station, outdoor grilling area, walking trails, a resident lounge and library, a dog park and washing station, and covered parking for most units.

Tags
financeGrand RapidsMichiganmultifamilyWalker & Dunlop
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IllinoisIndustrial

Backlog blues in Chicago? That’s what Newmark is saying

Mia GoulartJuly 5, 2022
MichiganIndustrial

Newmark closes 741,923-square-foot industrial lease in Detroit suburb

July 5, 2022
IowaIndustrial

Minneapolis’ Endeavor Development building first phase of distribution center in Iowa

July 5, 2022
KansasSeniors Housing

Tutera Senior Living wraps $6.5 million renovation at Kansas seniors living community

July 5, 2022

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise/Editorial Calendar
© 2022 REjournals.com