Walker & Dunlop Arranges Nearly $142 Million in HUD Financing for Bonaventure's Two Virginia Multifamily Projects
Walker & Dunlop has arranged nearly $142 million in financing through the U.S. Department of Housing and Urban Development for the construction of two multifamily communities in Virginia, the firm announced Aug. 31. The transactions will support the development of 612 market-rate apartments across Chesapeake and Chesterfield County on behalf of Bonaventure.
Deal Structure and Capital Stack
Walker & Dunlop FHA Finance structured both transactions as HUD Section 221(d)(4) construction-to-permanent loans, a program that provides a single-close execution combining construction and permanent financing into a 40-year, fully amortizing, fixed-rate, non-recourse structure. Chris Rumul, Jason Silva, Cole Parker, and Mike Valucci arranged the financings.
The financing package consists of a $62 million HUD Section 221(d)(4) construction loan for Attain at Greenbrier, a 268-unit community in Chesapeake, and a $79.9 million HUD Section 221(d)(4) construction loan for Attain at Swift Creek, a 344-unit community in Chesterfield County. The Swift Creek loan represents Bonaventure's largest HUD loan to date. Total project costs are approximately $74.5 million for Attain at Greenbrier and approximately $93.3 million for Attain at Swift Creek.
For Attain at Greenbrier, the HUD loan is paired with private equity raised from Bonaventure's network of accredited high-net-worth investors. Bonaventure is backing Attain at Swift Creek on its balance sheet during construction while pursuing a long-term equity partner.
Property Details: Attain at Greenbrier and Attain at Swift Creek
Attain at Greenbrier is located at 1553 River Birch Run in Chesapeake's Greenbrier submarket, on approximately 9.6 acres that Bonaventure acquired and rezoned in 2022 from a former commercial call center site. The community will comprise 268 apartments across three four-story buildings, with one-, two-, and three-bedroom floor plans averaging approximately 1,037 square feet. Amenities will include a clubhouse, fitness center, resort-style pool, grilling stations, fire pits, and a dog park. The property is within walking distance of Greenbrier Mall and offers access to shopping, dining, healthcare, employment centers, and major transportation corridors throughout the Hampton Roads region. Groundbreaking was announced in June 2026, with delivery targeted for late 2027.
Attain at Swift Creek is located at 6805 Greenyard Road in Chester, Virginia, within Chesterfield County's Swift Creek submarket south of Richmond. The community will deliver 344 apartment homes across three four-story residential buildings, with one-, two-, and three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, theater, resort-style pool, grilling pavilion, and dog park. The property's location near Route 10 provides access to regional employers, retail destinations, and transportation networks serving the greater Richmond area. Construction is set to begin in late August 2026.
Quotes from Deal Principals
"These two financings reflect the strength of our long-standing relationship with Bonaventure and our shared commitment to delivering high-quality multifamily housing in growing Virginia markets," said Chris Rumul, senior managing director of FHA Finance at Walker & Dunlop. "HUD's Section 221(d)(4) program provided an ideal financing solution for both developments, and we're grateful to Bonaventure and HUD for their partnership in bringing these communities to life."
"We're excited to continue expanding our Attain portfolio with two thoughtfully designed communities that will serve the growing housing needs of Chesapeake and Chesterfield County," said Chris Cobb, president of Bonaventure. "Walker & Dunlop's expertise with the HUD Section 221(d)(4) program and their collaborative approach helped position these transactions for success, and we appreciate their partnership throughout the financing process."
HUD Financing and Market Context
The transactions reflect a broader shift in multifamily construction finance, with HUD's Section 221(d)(4) program increasingly serving as a primary financing vehicle for ground-up development rather than a fallback option. Walker & Dunlop's own 2026 HUD outlook characterizes HUD financing as moving from a backup plan to a first-look solution for developers and lenders, driven by volatility in traditional bank and capital markets channels.
The Greenbrier submarket in Chesapeake has been characterized as supply-constrained, with occupancy above 97%, underpinning the development thesis for new Class A product. Both Attain communities are part of Bonaventure's growing Attain-branded portfolio, which also includes Attain at Newtown in Norfolk.
Walker & Dunlop ranked No. 5 among HUD lenders based on MAP and LEAN volume in 2025. Since the inception of its FHA/HUD platform, the firm has closed $45 billion across more than 2,000 transactions and reports a 99% approval rate since 2021.
About the Firms
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States.
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