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Walker & Dunlop Structures $145 Million in HUD Financing for Three Multifamily Properties in Utah
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$41,400,000 in financing for
Boulder Canyon Apartments in West Jordan, Utah, $43,800,000 in financing for
Canyon View Apartments in Orem, Utah, and
$60,278,800 in financing for the construction of
Sugar Alley Apartments in Salt Lake City, Utah.
Led by Jeff Kearns, Senior Director, and Greg Richardson, Managing Director, Walker & Dunlop arranged the financing on behalf of the borrower and developer, Eight Bay Advisors. The team utilized the U.S. Department of Housing and Urban Development s (HUD) 223(f) refinance program to pay off the existing debt on both Boulder Canyon and Canyon View, enabling the borrower to make immediate and short-term repairs on the properties, as well as sufficiently fund the replacement reserve for future repair needs. For Sugar Alley Apartments, Walker & Dunlop structured the debt through HUD s 221(d)(4) ne