Press release

May 24, 2021

Walker & Dunlop Completes Capital Stack for Build-for-Rent Acquisition

The structured transaction includes a joint venture partnership between the sponsor, St. Clair Holdings, and Dome Equities

The Bungalows on Pine Cliff property

Walker & Dunlop, Inc. announced today that it has arranged both debt and equity financing  for the acquisition of The Bungalows on Pine Cliff, a build-for-rent (BFR) housing development located in Flagstaff, Arizona. This structured transaction includes $37,600,000 in bridge financing as well as a joint venture partnership.

Walker & Dunlop’s dedicated BFR team was led by Heather McClure. Ms. McClure and her team advised St. Clair Holdings, in identifying a joint venture partner to provide both funds and support as they execute their business plan. Leveraging their broad network of capital providers, the team identified New York City-based Dome Equities as the ideal capital partner for St. Clair Holdings. The partnership is expected to develop into a programmatic raise with multiple BFR developments throughout Arizona. Dave Hendrickson and Pat Modig, of Walker & Dunlop’s Capital Markets group, initially identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution.

“We couldn’t be happier with the equity and the debt execution from Walker & Dunlop’s team. We really appreciated the team’s guidance and their laser focus to help us close this financing in just 57 days,” said Colin Cavill, Managing Principal and Founder of St. Clair Holdings. “Following the success of this transaction, we are very much looking forward to working with this team on future transactions.”

BFRs are purpose-built housing to be operated as single-family rental investments within a contiguous community, much like traditional multifamily properties. This rapidly growing asset class is emerging as one of the strongest sectors in commercial real estate, and it is estimated that 5-10% of new build homes are for BFR communities. The product has been steadily increasing in popularity due to current demographic trends related to Gen-Y and baby boomers. As more young families, families with children, and retirees look to rent single-family homes with yards and upscale amenities on a long-term basis – and migration patterns related to COVID-19 have accelerated demand. As the demand for BFR properties grows, an increasing number of larger investors are expanding their investment strategy to include the product.

“Our team was thrilled to advise St. Clair Holdings in this transaction,” commented Walker & Dunlop’s Heather McClure, “Combining the focus of our structured finance group with the strength of our capital markets division allowed Walker & Dunlop to identify an equity partner whose experience and capital structure aligned well with St. Clair Holdings’ vision and strong execution capabilities.”

Completed in Summer 2020, Bungalows on Pine Cliff offers a unique set of detached one-, two-, and three-bedroom rental homes averaging 1,097 square feet. Complete with a full suite of community amenities, the Bungalows offers residents a true single-family lifestyle without the burdens of home ownership. Amenities include a leasing center, a clubhouse, modern kitchen, fitness center, and a dog washing station. Outdoor features include large gas firepits with seating areas, a bocce ball court, a dog park, barbecues, and two electric car charging stations.

Walker & Dunlop and its dedicated BFR & SFR Practice Group are strategically positioned across the business to finance and sell these specialty communities. Our national team provides expert guidance on property sales, debt origination, and the structuring of equity to generate optimal returns and strategic relationships for our clients. The team has closed over $1 billion in this burgeoning sector and is active with over fifty groups in the space, ranging from institutional clients, homebuilders, multifamily developers, and individual investors. For information on lending, capital brokerage, or investment sales opportunities, contact our SFR & BFR Group at To learn more about Walker & Dunlop’s view on the SFR and BFR market, download our whitepaper.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office retail, and hospitality. Surpassing $41 billion of total transaction volume in 2020, Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. With more than 1,000 employees across every major U.S. market, Walker & Dunlop’s people, technology, and customer insight have allowed it to grow faster than industry peers and deliver total shareholder return of over 800% in its first ten years as a public company.


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