Las Vegas-Area Community Lands $57M Financing

Built in 2018, Castile Apartments features 498 units across 28 buildings. Thompson Michie Communities bought the asset in April for $99.6 million.
Castile Apartments

Walker & Dunlop has provided short-term bridge financing for the purchase of Castile Apartments, a 498-unit lakeside property in Henderson, Nev. The company later converted the financing into a $56.5 million permanent Freddie Mac loan. According to Yardi Matrix, Thompson Michie Communities purchased the asset from The Wolff Co. in April, for $99.6 million.

The 11-year fixed-rate, full-term interest-only loan was structured through Freddie Mac’s Index Lock program, capitalizing on low Treasury rates early in the due diligence process. Managing Director Trevor Fase led Walker & Dunlop’s team on both transactions.

The garden-style, Class A+ community is located at 1545 W. Wigwam Parkway, adjacent to Interstate 215 and a 20-minute drive southeast of downtown Las Vegas. Castile Apartments includes eight studio, 204 one-, 232 two- and 54 three-bedroom apartments, across 28 buildings. The property features:

  • gated entrance
  • pool
  • spa
  • clubhouse
  • yoga and spinning studios
  • fitness center
  • business center
  • media lounge with TV
  • barbecue and picnic areas
  • dog park

Earlier this month, Walker & Dunlop secured $81.8 million in bridge financing for the acquisition and repositioning of two Texas communities. Both properties are undergoing significant renovations.

Image courtesy of Yardi Matrix