Walker & Dunlop Provides $51.9M HUD Construction Loan for Apartment Complex in Downtown Huntsville

  • March 16, 2020
  • REBusiness Online

Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment.

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