Walker & Dunlop Arranges $48M Loan for Grand Rapids-Area Community

Vice President Benjy Krosin partnered with Inner Circle Holdings’ President Kari Zapolski to originate the transaction.
The Grand Castle Apartments

A few days after arranging a $225 million debt package for Capital Square, Walker & Dunlop brokered a new transaction, this time in the Grandville suburb of Grand Rapids, Mich. The company’s Vice President Benjy Krosin has partnered with Inner Circle Holdings’ President Kari Zapolski to secure a $48.3 million loan for The Grand Castle Apartments, a 522-unit recently completed community. The 24-month, floating-rate loan allowed the borrower, Land & Co., to pay off the $39.8 million construction loan secured in 2016, according to Yardi Matrix data.

The Grand Castle Apartments is located at 2655 Grand Castle Blvd., off Interstate 196. The property provides a mix of studio-, one-, two- and three-bedroom units. The community opened in August, when it was more than half preleased, according to Yardi Matrix.

Designed after the Neuschwanstein Castle in southern Germany, the 15-story property encompasses more than 1 million square feet of space. Shared amenities include lake access, electronic parcel station, walking trails and a resident lounge and library.

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