November 11, 2019
Walker & Dunlop provided a $48.3-million bridge loan for The Grand Castle Apartments, a newly-developed Class A multifamily complex in Grandville, a suburb of Grand Rapids, MI. Developed by Roger Lucas, a principal of Land & Co., the 522-unit complex is modeled after the Neuschwanstein Castle in southern Germany.
VP Benjy Krosin partnered with Kari Zapolski of Inner Circle Holdings, a longtime preferred correspondent located in Rockford, MI, to originate the transaction.
The debt was structured by Walker & Dunlop’s interim loan program, which provides short-term, nonrecourse loans backed by multifamily properties that are being repositioned or that don’t yet qualify for permanent financing.
The 24-month, floating rate loan includes full-term interest-only payments, and enables the borrower to pay off the existing construction debt with ample time to complete the remaining lease-up. Additionally, the flexible prepayment structure allows for seamless conversion to permanent upon stabilization.
For comments, questions or concerns, please contact Paul Bubny