Walker & Dunlop Arranges $75M Life Company Financing for Development

Walker & Dunlop arranges interest-only construction-permanent financing for Park Meridian; and HFF brokers $14 million in joint venture equity for a condominium project in Scottsdale, Ariz.

Park MeridianBethesda, Va.—Walker & Dunlop Inc. announced that it arranged $75 million in construction-permanent financing for the development of Park Meridian at Eisenhower Station in Alexandria, Va. The design for the 25-story Class A apartment community meets LEED building standards and will have 505 multifamily units of which 31 units will meet affordable housing standards.

Walker & Dunlop worked on behalf of Paradigm Development Co. to secure the 12-year fixed-rate interest-only loan with Quadrant Real Estate Advisors LLC.

Park Meridian at Eisenhower Station will be located adjacent to the Eisenhower Avenue Metro Station in the Carlyle/Eisenhower East neighborhood of Alexandria. The apartment community will offer a variety of floor plans featuring studio, one-, two- and three-bedroom units as well as a Class A amenity package including concierge services, a swimming pool, state-of-the-art fitness facility, top-floor clubroom and secure underground parking.

Executive vice president, J. Tyler Blue and vice president, Paul Wallace led the Walker & Dunlop debt placement team.

HFF arranges $14M in joint venture equity for condominium project in Scottsdale, Ariz.

Envy CondoScottsdale, Ariz.—HFF announced that it has arranged $14 million in joint venture equity for the development of Envy, a 90-home, mid-rise condominium project in downtown Scottsdale’s Entertainment District.

HFF worked on behalf of the borrower, Deco Communities, to secure joint venture equity from an alternative investment manager.

Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads. Slated for completion in the second half of 2015, the 90 for-sale residences will feature a variety of one- and two-bedroom floor plans. The eight-story property will include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, negative-edge rooftop pool and spa, bicycle storage, electric car charging stations and concierge service. The HFF team was led by associate director Bryan Clark.

Deco Communities brings fresh thinking to residential real estate development. In their 17th year in real estate ownership and development in the Southwest, Deco’s founders have used their background in for-sale residential and research into changing demographics and buyer trends to create a residential real estate development company. Principals Robert Lyles, Patricia Watts and Dan Richards collectively have more than 75 years of experience in the Valley’s residential market, having completed numerous commercial and mixed-use projects and created more than 3,500 homes and counting.