Walker & Dunlop, Inc. announced today that it structured $41,400,000 in financing for Boulder Canyon Apartments in West Jordan, Utah, $43,800,000 in financing for Canyon View Apartments in Orem, Utah, and $60,278,800 in financing for the construction of Sugar Alley Apartments in Salt Lake City, Utah.
Led by Jeff Kearns, Senior Director, and Greg Richardson, Managing Director, Walker & Dunlop arranged the financing on behalf of the borrower and developer, Eight Bay Advisors. The team utilized the U.S. Department of Housing and Urban Development’s (HUD) 223(f) refinance program to pay off the existing debt on both Boulder Canyon and Canyon View, enabling the borrower to make immediate and short-term repairs on the properties, as well as sufficiently fund the replacement reserve for future repair needs. For Sugar Alley Apartments, Walker & Dunlop structured the debt through HUD’s 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan. Due to the building’s ENERGY STAR qualification, the team was also able to secure a favorable interest rate for the borrower, leveraging the agency’s green mortgage insurance premium (MIP) reduction program.
Ron Cole, Principal of Eight Bay Advisors, commented, “The Walker & Dunlop team continues to be fantastic to work with and has been a crucial partner to our growth in Utah by providing best-in-class financing solutions. We entered the Salt Lake market back in 2010 with the acquisition of Boulder Canyon Apartments. With over 1,000 units in place or under construction, we look forward to continuing our growth in Utah and the western United States with Walker & Dunlop for decades to come.”
Built in 2010, Boulder Canyon is a 280-unit community located in West Jordan, Utah, in the southwestern portion of Salt Lake City county. Canyon View, a 288-unit multifamily property built in 1998, is located in Orem, Utah, 45 miles south of Salt Lake City. Both apartment communities offer one-, two-, and three-bedroom units and townhomes along with full-amenity clubhouses, fitness centers, resort-style pools and spas, on-site professional maintenance, and designated carports and detached garages.
Sugar Alley Apartments will be a 193-unit, mixed-use development located in Salt Lake City’s prestigious Sugarhouse District. Along with top-of-class apartment and community amenities as well as three levels of structured parking, the luxury development will include 17,230 square feet of ground floor retail space. The property is expected to deliver in October 2022.
Walker & Dunlop is a top-ranked multifamily lender in the United States. For information about Walker & Dunlop's view on the apartment market, including economic updates and expert perspectives on markets, leadership, and the road ahead, download our Winter Multifamily Outlook.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.