Walker & Dunlop Arranges $31 Million Construction Loan for The Casey Apartments in Camas, WA
Walker & Dunlop, Inc. announced today that it arranged a $31,375,000 construction loan for The Casey, a 125-unit, four-story luxury multifamily property to be built in Camas, Washington. The project is a few minutes’ drive east of the rapidly developing 192nd Avenue Corridor, which is home to a variety of restaurants, retail, and services. Construction is underway by general contractor, Tapani Inc., and will be completed in April 2023.
Eric McGlynn, a Managing Director of Walker & Dunlop’s Capital Markets team, facilitated the transaction between the developer, Sansano Capital LLC, and the lender, an affiliate of Sculptor Real Estate based in New York City.
Said Mr. Lugliani, Managing Principal of Sansano LLC, “Walker & Dunlop and Sculptor Real Estate have been a pleasure to work with. They are both forward thinking and supportive of the vision for the Casey’s trail blazing market position.”
Said Mr. McGlynn, “The Casey represents a much-needed luxury product with a modern design aesthetic and superior amenities in the growing Camas market. We had strong interest from the capital markets, and we were able to secure a competitive, nonrecourse loan.”
The Casey is located on a 10-acre site surrounded by forests and a wetland preserve. Modern floor plans include one- and two-bedroom units ranging from 588 to 1,270 square feet. Units will feature 9’ ceilings, floor-to-ceiling windows, roll up blinds, open living areas, stainless steel appliances, and solid quartz countertops, and balconies on select units. Certain units will also include gas appliances and fireplaces. The property will feature an extensive amenity package including a library, conference room, clubroom lounge, forest-facing fitness center, a second-floor outdoor deck, first floor outdoor barbeque entertainment patio, and a lit outdoor dog park with freshwater fountain and canine obstacle course. The Casey will have gated parking, a cell phone-activated entry system, security surveillance, electric vehicle parking, and off grid backup generators.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. With one of the strongest networks in the industry, the firm’s 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and financing options, visit our website.