Walker & Dunlop Arranges $153 Million for Multifamily Portfolio
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floating rate bridge loansfinancial
A floating rate bridge loan is a short-term loan that helps a business or project cover immediate costs until longer-term financing or a sale is arranged, with interest that moves up or down based on market rates. Investors care because it signals temporary funding needs, higher borrowing costs if rates rise, and greater refinancing risk—like using a movable ramp to cross a gap until a permanent bridge is built, where the height of the ramp can change with the tide.
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Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.
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A first-mortgage financing is a loan secured by a property where the lender holds the primary claim on that asset if the borrower defaults — like being first in line to be repaid from the sale of a house or building. It matters to investors because that senior claim usually lowers credit risk and can affect interest rates, recovery prospects, and how a deal is structured compared with junior loans or unsecured debt.
BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. announced today that it has arranged $153.3 million in total loan proceeds to refinance three garden style multifamily properties, Exchange at Juban in Denham Springs, Louisiana, Exchange at Blair Stone in Tallahassee, Florida, and Exchange at Indian Trail, in Indian Trail, North Carolina.
Exchange at Indian Trail. Photo Credit: Hathaway Development
Walker & Dunlop Capital Markets arranged the refinance for long-time client, Hathaway Development. The team, led by Stephen Farnsworth, Hanes Dunn, and Robert Henry, provided the floating rate bridge loans from ACRES. The loans will refinance the existing construction debt and redeem the outstanding preferred equity, ensuring a balanced capital structure while optimizing financing terms.
“We’re proud to have partnered with Hathaway Development on the refinance of this three-property portfolio,” said Dunn, senior manager at Walker & Dunlop. “The assignment aligned perfectly with our team’s strengths—deep capital-markets knowledge, disciplined underwriting, and the ability to navigate complex structures. Working closely with our trusted lender partner ACRES, we secured attractive first-mortgage financing that optimized proceeds and supported Hathaway’s strategic plan. The transaction reflects the quality of the assets, the strength of the sponsorship, the capabilities of the lender, and the expertise our team brings to every mandate.”
The three communities were each developed by Hathaway and combined, provide 876 luxury apartment units across the Southeast. Exchange at Juban, a 264-unit garden-style property in Denham Springs, LA, was completed in 2024 and refinanced for $44.7 million. Exchange at Blair Stone, a 300-unit garden-style community in Tallahassee, FL, delivered in January 2025, was refinanced for $52.4 million. Exchange at Indian Trail, a 312-unit garden-style development in Indian Trail, NC, was also completed in January 2025 and refinanced for $56.2 million.
“As a firm, we focus on identifying assets in markets where meaningful supply–demand imbalances create strong opportunities for rent growth and long-term value,” said Daniel Hathaway at Hathaway. “This portfolio exemplifies that strategy across Louisiana, Florida, and North Carolina. We approach every investment with the goal of building and preserving value, and the support from Walker & Dunlop was instrumental in bringing this transaction to a successful close.”
Walker & Dunlop is one of the top providers of capital to the U.S. multifamily market; in 2024 the firm originated over $30 billion in debt financing volume, including over $25 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 and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
