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Walker & Dunlop Arranges $137M Acquisition Loan for Boston Multifamily
Walker & Dunlop, Inc. arranged $137,288,000 in acquisition financing for LUKA on the Common, a 398-unit, 30-story multifamily asset in downtown Boston. Fannie Mae provided financing for the acquisition, reportedly the highest price for a Boston apartment complex in more than a year.
In July, the Walker & Dunlop Boston Investment Sales team, led by managing directors Travis D’Amato and Michael Coyne, facilitated the sale of LUKA on behalf of the client, AvalonBay Communities, and the buyer, Carmel Partners. Concurrently, the Walker & Dunlop Multifamily Finance team, led by Jeff Burns, secured acquisition financing, structuring the deal as a five-year, full interest-only loan with an early-rate lock.
“Boston’s multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply,” said Burns. “The housing scarcity has impacted both rent growth and the for-sale condominium market and has enabled us to refinance successfully alongside the team at Carmel.”
Previously known as the AVA Theater District, the property was rebranded as LUKA on the Common.
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