$101,561,900 loan to refinance Enclave Heritage Flats, a 312-unit multifamily community in Chula Vista, California.

Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing, led by Gregory Richardson and Jeff Kearns, arranged the financing on behalf of the client, The Baldwin Company. The loan was secured through the U.S. Department of Housing and Urban Development's HUD Section 223(f) program and refinances existing debt Walker & Dunlop arranged in 2024.

"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," said Richardson, managing director of Capital Markets Real Estate Finance at Walker & Dunlop. "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."

Enclave Heritage Flats features a mix of one-, two-, and three-bedroom apartment homes with contemporary finishes and modern layouts designed for both comfort and functionality. 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."

Located within the Otay Ranch Village II area of Chula Vista, Enclave Heritage Flats is approximately 16 miles southeast of downtown San Diego. The property spans approximately 7.7 acres and offers convenient access to hiking trails, parks, dining, shopping, schools and recreational destinations throughout the greater San Diego area. The surrounding submarket has experienced significant residential and commercial growth in recent years, driven by continued population expansion, strong employment fundamentals and proximity to the U.S.-Mexico border and downtown San Diego.