Walker & Dunlop Arranges $137 Million Financing for Downtown Boston Community

Walker & Dunlop has arranged $137,288,000 in financing for LUKA on the Common, a 398-unit, 30-story luxury apartment complex in Downtown Boston.

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09/25/2024 - 07:00 PM

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that it has financed $137,288,000 for LUKA on the Common, a 398-unit, 30-story trophy asset located in the heart of Downtown Boston.

LUKA on the Common (Photo: Business Wire)

In July, the Walker & Dunlop Boston Investment Sales team, under the leadership of Managing Directors Travis D'Amato and Michael Coyne, facilitated the sale of the property on behalf of the client, AvalonBay Communities, and the buyer, Carmel Partners. Concurrently, the Walker & Dunlop Multifamily Finance team, led by Jeff Burns, secured $137 million in acquisition financing for Carmel Partners. They identified Fannie Mae as the lender and structured it as a five-year, full interest-only loan with an early-rate lock.

"Boston's multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply. It has a dynamic office and lab market as well that is bolstered by employment growth in life sciences and healthcare," said Jeff Burns, senior managing director of Multifamily Finance at Walker & Dunlop. "The housing scarcity has impacted both rent growth and the for-sale condominium market and has enabled us to refinance successfully alongside the team at Carmel."

Previously known as the AVA Theater District, the property was rebranded as LUKA on the Common and stands 30 stories tall on a 21,344-square-foot site in the Boston Common multifamily market. The transaction was the highest price paid for an apartment complex in the market in over a year.

LUKA on the Common, centrally situated in Boston, provides residents with an unmatched urban living experience. Its prime location offers convenient access to the city's bustling employment hubs, top-tier education and healthcare facilities, public transportation, and green spaces. With the highest possible walk and transit score of 100—LUKA on the Common truly exemplifies the best of city living.

"LUKA on the Common is an exceptional asset and has an enviable location," said Lee Bloch, partner at Carmel Partners. "We want to extend our gratitude to the teams at Walker & Dunlop for their support and expertise throughout this process."

Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in property sales volume since 2021. Walker & Dunlop is also one of the top providers of capital to the U.S. multifamily market; in 2023 the firm originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.