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California  + San Diego  + Finance  | 

Chula Vista Apartments Score $81M Floating-Rate Refi

Walker & Dunlop has arranged an $81-million refinance loan for Enclave Heritage Flats, an apartment complex in Chula Vista.  The W&D Capital Markets team led by managing director Gregory Richardson arranged the loan on behalf of the client, Baldwin and Sons, LLC. Walker & Dunlop Investment Partners served as the lender led by Andrew YaromaKimberly Schmitz, and Terri Magnani

The teams arranged a limited recourse, competitive floating-rate loan for this stabilizing asset, with a cash-out component. “We are seeing floating-rate debt gain popularity as SOFR decreases and the appetite from debt funds and life companies continues to grow,” said Richardson. “This transaction would not be possible without our partners at WDIP to arrange an outstanding solution for Baldwin and Sons.” 

Located at 1800 Santa Carolina Rd. in Chula Vista, Enclave Heritage Flats is a 312-unit, low-rise apartment complex in proximity to San Diego Bay. The pet-friendly community offers one-, two- and three-bedroom floor plans with contemporary finishes. 

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      About Paul Bubny

      Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

      • ◦Financing