GRANDVILLE, MI - Walker & Dunlop announced that it provided a $48,300,000 bridge loan for The Grand Castle Apartments, a newly developed Class A multifamily complex located in Grandville, a suburb of Grand Rapids, Michigan. Developed by Roger Lucas, a principal of Land & Co, The Grand Castle Apartments comprises 522 units and is modeled after the famed Neuschwanstein Castle in southern Germany.
Walker & Dunlop Vice President Benjy Krosin partnered with Kari Zapolski of Inner Circle Holdings, a longtime preferred correspondent located in Rockford, Michigan, to originate the transaction. The debt was structured by Walker & Dunlop's interim loan program, which provides short-term, nonrecourse loans backed by multifamily properties that are being repositioned or that do not yet qualify for permanent financing.
The 24-month, floating rate loan includes full term interest-only payments and enables the borrower to pay off the existing construction debt with ample time to complete the remaining lease up. Additionally, the flexible prepayment structure allows for seamless conversion to permanent upon stabilization.
Said Mr. Lucas, "We are very pleased that the Walker & Dunlop team was able to make our vision a reality. The flexible terms and attention to detail provided by the bridge lending platform will be instrumental to the success of this new landmark in the Grand Rapids region."
Totaling more than a million square feet, the development offers a wide variety of living spaces, including studios, one-, two-, and, three-bedroom units, as well as a handful of multi-level penthouse apartments. Community amenities include lake access, a swimming pool, fitness center, business center, electronic parcel station, outdoor grilling area, walking trails, a resident lounge and library, a dog park and washing station, and covered parking for most units. Spanning 15 stories at its highest point, the project can be seen throughout neighboring areas. Thanks to its convenient location just off of Interstate-196, the multifamily community provides convenient access to downtown Grand Rapids.