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Walker & Dunlop has secured a $25.48 million loan to refinance River Birch Apartments, a Class A multifamily community located in Caledonia, Michigan.
The financing was arranged by Walker & Dunlop’s Multifamily Finance team, led by Mary Stuart Hurst and Fletcher Dunn, in collaboration with Kari Zapolski of Inner Circle Holdings. The transaction includes an early rate lock on a 10-year Fannie Mae loan, which features five years of interest-only payments followed by a 35-year amortization schedule.
River Birch Apartments comprises 140 one-bedroom and two-bedroom units. The property, located at 3454 French School in Caledonia, lies just 15 miles from downtown Grand Rapids. Residents enjoy proximity to local shopping, dining, parks, and recreational amenities.
Hurst highlighted the project’s sustainability credentials as a key factor in the successful loan arrangement: “The River Birch project’s Green Globes Certification played a key role in securing highly competitive pricing and favorable credit terms from Fannie Mae, even in a challenging lending environment.”
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