Walker & Dunlop Arranges $101.6 Million HUD Refinance for 312-Unit Multifamily Community in Chula Vista
Walker & Dunlop has arranged a $101,561,900 loan through the U.S. Department of Housing and Urban Development's Section 223(f) program to refinance Enclave Heritage Flats, a 312-unit multifamily community located in Chula Vista, California, the firm announced May 26.
The transaction was completed on behalf of The Baldwin Company. The loan refinances existing debt that Walker & Dunlop previously arranged for the property, completing a bridge-to-HUD financing sequence that began in December 2024.
Deal Structure and Financing Team
Walker & Dunlop Real Estate Finance and Walker & Dunlop Affordable Housing led the transaction, with Gregory Richardson and Jeff Kearns arranging the financing on the client's behalf. Richardson serves as managing director of Capital Markets Real Estate Finance at Walker & Dunlop.
"Enclave Heritage Flats is an excellent example of how the HUD Section 223(f) program has become an increasingly efficient and attractive execution for high-quality multifamily assets," Richardson said. "The ability for borrowers to secure long-term, fixed-rate financing with attractive leverage and increased certainty of execution is incredibly valuable, particularly for well-performing institutional-quality assets like Enclave Heritage Flats. We are proud to once again partner with The Baldwin Company and deliver another successful outcome that supports the property's long-term strategy."
The current refinance takes out an $81 million bridge-to-HUD loan that Walker & Dunlop Capital Markets Real Estate Finance arranged for the property in December 2024. Capital for that bridge loan was provided by Walker & Dunlop Investment Partners, led by Andrew Yaroma, Kimberly Schmitz and Terri Magnani.
Property Overview: 312-Unit Multifamily Community in Otay Ranch
Enclave Heritage Flats is situated within the Otay Ranch Village II area of Chula Vista, approximately 16 miles southeast of downtown San Diego. The property spans approximately 7.7 acres and offers a mix of one-, two- and three-bedroom apartment homes with contemporary finishes. Community amenities include a fitness center, resort-style swimming pool, movie screening theater, coworking spaces, outdoor gathering areas and pet-friendly accommodations. The property is managed by Baldwin Asset Management.
"Enclave Heritage Flats represents a long-term investment in one of the fastest-growing and most dynamic submarkets in Southern California," said Danielle Baum, vice president of finance at The Baldwin Company. "The property continues to perform exceptionally well due to strong resident demand, its high-quality amenity offering and the continued growth throughout the Chula Vista and greater San Diego markets. We appreciate Walker & Dunlop's guidance and expertise throughout the financing process and value the team's ability to execute efficiently in a changing market environment."
Submarket Context: Chula Vista and Otay Ranch
The surrounding submarket has experienced significant residential and commercial growth in recent years, according to the announcement. The area benefits from continued population expansion, strong employment fundamentals and proximity to both the U.S.-Mexico border and downtown San Diego. The property offers convenient access to hiking trails, parks, dining, shopping, schools and recreational destinations throughout the greater San Diego area, according to Walker & Dunlop.
Walker & Dunlop's HUD Platform
Walker & Dunlop is ranked fifth among HUD lenders based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025, according to the firm. Since inception, its FHA/HUD platform has closed $45 billion across more than 2,000 transactions and carries a 99% approval rate since 2021, the firm said.
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States.