Walker & Dunlop Arranges $105M Refinancing for Maeve Multifamily High-Rise in Raleigh's Warehouse District
Walker & Dunlop has arranged a $105 million floating-rate, interest-only bridge loan to refinance Maeve, a 297-unit luxury multifamily high-rise completed in 2025 in Raleigh's Warehouse District, the firm announced April 20, 2026.
TPG Real Estate Finance Trust provided the financing. The transaction was arranged by Walker & Dunlop Capital Markets Real Estate Finance on behalf of longtime client Capital Square, with managing director Alexandra Huffman, along with Justin Nelson and PJ Feichtmeier, leading the assignment.
Opportunity Zone Structure and Capital Stack
Maeve is located within a federally designated Opportunity Zone census tract — a program established by Congress through the Tax Cuts and Jobs Act of 2017 to encourage long-term investment in designated low-income communities through incentives such as deferred or reduced capital gains taxes. Capital Square's investment thesis centered in part on those tax advantages, according to the firm.
A notable feature of the transaction was the retention of preferred equity within the capital stack alongside the new bridge debt — a structure that required careful execution given the property's early lease-up status and the broader Raleigh market's elevated new supply environment.
"This transaction highlights several unique aspects, including Maeve's institutional-quality design, early lease-up profile, and an Opportunity Zone equity structure inclusive of preferred equity," said Huffman. "Executing a refinance while maintaining preferred equity in the capital stack required a thoughtful capital solution, particularly in a market navigating elevated new supply. We're pleased to partner with Capital Square and TPG Real Estate Finance to position this asset for continued stabilization and long-term success."
Property Overview
Completed in 2025, Maeve features 297 apartment homes ranging from studios to three-bedroom residences, along with more than 10,000 square feet of street-level retail space. The property's amenity package includes a resort-style pool, rooftop lounge, coworking spaces, and a golf simulator.
The community is positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park, and downtown Raleigh, offering walkable access to entertainment venues, restaurants, cultural landmarks, and major employers. Its proximity to U.S. Route 70 provides connectivity to the Research Triangle and several universities, including Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University.
Maeve has received three industry recognitions: Engineering News-Record Southeast's 2025 Best Projects Competition Award, the Downtown Raleigh Alliance's 2025 Imprint Award, and recognition in Architectural Record as a Record Interiors 2026 honoree.
Capital Square on Raleigh Market Fundamentals
"Maeve represents the type of high-quality, well-located asset we seek in markets with strong long-term fundamentals," said Natalie Mason, executive vice president and co-head of Development at Capital Square. "Raleigh continues to benefit from sustained population growth and economic expansion, driving consistent renter demand. Maeve's location within a designated Opportunity Zone was also a key component of our investment thesis, providing meaningful tax advantages alongside the property's strong market positioning."
The property is described as among the few luxury apartment communities in the downtown Raleigh submarket.
Walker & Dunlop Capital Markets Activity
Walker & Dunlop's Capital Markets team sourced more than $22 billion from non-Agency capital providers in 2025, including nearly $16 billion for multifamily properties, according to the firm.
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States.