Walker & Dunlop Secures $101.6M HUD Refinancing for California Multifamily Property — Walker & Dunlop, Inc.

Event summary

Walker & Dunlop arranged a $101.6M HUD Section 223(f) loan to refinance Enclave Heritage Flats, a 312-unit multifamily property in Chula Vista, California.
The loan refinances existing debt Walker & Dunlop arranged in 2024, marking a strategic shift from a bridge-to-HUD loan to a long-term fixed-rate solution.
The property is managed by Baldwin Asset Management and is located in one of Southern California's fastest-growing submarkets.
Walker & Dunlop ranks #5 in HUD lending volume for 2025, with a 99% approval rate on FHA/HUD transactions since 2021.

The big picture

This transaction highlights the growing appeal of HUD-backed financing for high-quality multifamily properties, particularly in high-growth submarkets. Walker & Dunlop's ability to secure long-term, fixed-rate loans with attractive leverage underscores the strategic value of government-backed programs in today's commercial real estate landscape. The firm's consistent performance in HUD lending positions it as a key player in the multifamily financing space.

What we're watching

HUD Program Efficiency: How the increasing efficiency of HUD Section 223(f) loans will impact refinancing strategies for institutional-quality multifamily assets.
Submarket Growth: Whether Chula Vista's rapid residential and commercial growth will sustain demand for properties like Enclave Heritage Flats.
Execution Pace: The pace at which Walker & Dunlop can maintain its high approval rate and leading position in HUD lending.