NEWPORT NEWS, VA - Walker & Dunlop announced that it closed a $34,425,000 United States Department of Housing and Urban Development (HUD) loan for Meridian Parkside, a Class A multifamily property in Newport News, Virginia.
Dwight D. Dunton III of Bonaventure Realty Group and Phillip R. Roper III (the "Borrowers") purchased the property in 2016. Walker & Dunlop worked in partnership with HUD's Baltimore office to refinance the property with a 35-year, low-interest loan through HUD's 223(f) program.
The financing paid off the existing bridge loan and a portion of the partnership debt from the original purchase, enabling the Borrowers to make immediate, short-term, owner-elected repairs. Walker & Dunlop's Hal Reinauer, Tom Toland, and Chris Rumul spearheaded the financing assignment.
Built in 2008, Meridian Parkside is a garden-style apartment community consisting of 13 buildings and 308 units. Situated on a 13-acre site, the property is within walking distance to Sandy Bottom Nature Park and just minutes away from Interstate 64, Fort Eustis, Langley Air Force Base, and Huntington Ingalls Industries, one of America's largest shipbuilding companies.
The property offers spacious one, two, and three-bedroom apartments, a 24-hour fitness center, business center, game room, grilling stations, and a resort-style pool and sundeck.
Source: Walker & Dunlop / #Multifamily #Finance