Walker & Dunlop announced that it has arranged $96.7 million in total financing to recapitalize three newly constructed class A communities totaling 640 units in Louisville, Ky.
Walker & Dunlop Capital Markets arranged the refinancing transactions on behalf of Highgates Group and secured three floating-rate, interest-only loans from an institutional lender. Proceeds will be used to repay existing debt, fund closing costs and return capital to investors.
The properties comprise Belmond Flats, with 240 units; Cedar Creek Flats, with 168 units; and Glengrove Apartments, with 232 units. All three properties are newly developed in central locations and offer a full suite of amenities to residents.
The three properties benefit from Louisville’s central location, affordable cost of living and strong transportation links. With major employers like UPS and GE Appliances nearby and easy access to the airport and industrial corridors, residents enjoy convenience
