Walker & Dunlop Secures $137M Financing for Boston Asset
Walker & Dunlop's Major Financing Achievement
Walker & Dunlop, a prominent player in commercial real estate finance, recently announced a significant financing deal amounting to $137,288,000 for LUKA on the Common. This 398-unit, 30-story property is situated in the very core of Downtown Boston, representing a prestigious addition to the multifamily real estate market.
Details of the Financing
Under the capable leadership of Managing Directors Travis D'Amato and Michael Coyne, Walker & Dunlop’s Boston Investment Sales team facilitated the sale of this distinguished asset on behalf of AvalonBay Communities to Carmel Partners. In coordination with the Multifamily Finance team, led by Jeff Burns, they secured $137 million in acquisition financing from Fannie Mae. This strategic financing is structured as a five-year, full interest-only loan, complemented by an early-rate lock, ensuring favorable loan terms for Carmel Partners.
Market Insights
Boston's multifamily market stands out nationally, displaying robust fundamentals driven by a scarcity of both existing and upcoming housing options. The city's thriving office and laboratory sectors, fueled by job growth in life sciences and healthcare, significantly enhance its appeal. Jeff Burns, the Senior Managing Director of Multifamily Finance at Walker & Dunlop, expressed that this housing scarcity has led to noticeable rent growth and has affected the condominium market positively.
Property Highlights
The asset, formerly known as AVA Theater District, has been rebranded as LUKA on the Common. Its towering 30-story structure is built on a generous 21,344-square-foot site within Boston’s multifamily market. Notably, this transaction marks the highest price recorded for an apartment complex in the area in over a year, showcasing the strength and desirability of the property.
Unmatched Urban Living
LUKA on the Common offers residents an unparalleled urban living experience. Its strategic location not only provides easy access to bustling employment centers but also to exceptional education, healthcare facilities, public transport, and expansive green spaces. With a perfect walk and transit score of 100, it exemplifies the pinnacle of city living.
Reactions from Carmel Partners
Lee Bloch, a partner at Carmel Partners, commented on LUKA's outstanding asset and location, expressing gratitude to the teams at Walker & Dunlop for their invaluable support and expertise throughout the acquisition process. This collaboration highlights the strong relationships and teamwork instrumental in navigating today's competitive real estate environment.
The Strength of Walker & Dunlop
Walker & Dunlop has carved out a major presence in the multifamily property sales arena, boasting over $51 billion in property sales volume since 2021. The firm is recognized as one of the leading providers of capital to the U.S. multifamily market. In 2023 alone, Walker & Dunlop closed over $24 billion in debt financing, including substantial lending exceeding $20 billion specifically for multifamily properties. This success is a testament to their commitment to meeting the financial needs of property owners and developers nationwide.
Learn More About Walker & Dunlop
For those interested in exploring Walker & Dunlop's capabilities and financing options, their website provides comprehensive information about their services and how they can assist in bringing real estate visions to life. Their commitment to creating communities where people live, work, shop, and play remains at the forefront of their mission.
Frequently Asked Questions
What is the total financing amount arranged by Walker & Dunlop?
Walker & Dunlop arranged a total financing amount of $137 million for LUKA on the Common.
Who were the primary leaders behind the financing arrangement?
The financing arrangement was primarily led by Travis D'Amato and Michael Coyne from the Boston Investment Sales team, along with Jeff Burns from the Multifamily Finance team.
What distinguishes the property LUKA on the Common?
LUKA on the Common is distinguished by its prime location in Downtown Boston, offering exceptional urban living with incredible accessibility and amenities.
What percentage of the U.S. multifamily market does Walker & Dunlop represent?
Walker & Dunlop is one of the top providers of capital in the U.S. multifamily market, originating over $24 billion in debt financing in 2023 alone.
How does the property’s location benefit residents?
The property’s location benefits residents by providing easy access to employment hubs, educational institutions, healthcare facilities, and recreational areas, all consolidated in a vibrant city setting.
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