Walker & Dunlop Provides Bridge Loan on Castle-Themed MI Apartments
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).