February 23, 2018
Walker & Dunlop has provided a HUD loan for Meridian Parkside, a 308-unit apartment community in Newport News, Va. The company partnered with HUD’s Baltimore office to obtain a 35-year, low-interest loan totaling $34.4 million. The owners, Dwight Dunton III of Bonaventure Realty Group and Philip Roper III, acquired Meridian Parkside in 2016 for $31 million. The loan will be used to pay off an existing bridge loan and a portion of a partnership debt assumed with the original acquisition. The financing obtained through HUD’s 223(f) program carries a note rate of 3.09 percent.