Walker & Dunlop Arranges $31 Million Construction Loan for The Casey Apartments in Camas, WA

Rhea-AI Summary

Walker & Dunlop arranged a $31,375,000 construction loan for The Casey, a luxury multifamily project in Camas, Washington. The 125-unit property is located near the developing 192nd Avenue Corridor and is being constructed by Tapani Inc., with completion expected by April 2023. The project features modern amenities including a fitness center, library, and outdoor spaces. Walker & Dunlop emphasizes its strong position in the multifamily market, having originated $31 billion in transactions in 2020 and $30 billion in brokered loans in 2021.

Positive

• Secured a substantial construction loan of $31,375,000 for The Casey project.
• Demonstrates Walker & Dunlop's strength in the multifamily market with $31 billion in transactions in 2020.
• Expected completion of The Casey in April 2023 may contribute positively to the company's portfolio.

Negative

• None.

BETHESDA, Md., March 15, 2022 /PRNewswire/ -- 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 192^nd 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, Manager of Sansano Capital 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.

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. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

About David Lugliani
David Lugliani has been developing in the Pacific Northwest since 1995. The project portfolio includes single-family homes, subdivisions, public storage, RV resort, mixed use development, and apartments.

About Sculptor Real Estate
Sculptor Real Estate— was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. Sculptor Real Estate has invested in over $18.2 billion of real estate assets across 26 different real estate related asset classes, including direct equity investments, preferred equity structures, senior loans, mezzanine loans, ground leases and other credit investments.

For more information, visit www.sculptor.com.

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SOURCE Walker & Dunlop, Inc.

FAQ

What is the amount of the loan arranged by Walker & Dunlop for The Casey?

Walker & Dunlop arranged a loan of $31,375,000 for The Casey.

Where is The Casey luxury apartment project located?

The Casey is located in Camas, Washington.

When is The Casey expected to be completed?

The Casey is expected to be completed in April 2023.

How much did Walker & Dunlop originate in multifamily transactions in 2020?

Walker & Dunlop originated $31 billion in multifamily transactions in 2020.

What amenities will The Casey offer?

The Casey will feature amenities like a fitness center, library, outdoor spaces, and security systems.