Walker & Dunlop Arranges Sale and Financing for Cambridge Multifamily Asset

Key Terms

acquisition financing financial

Acquisition financing is the money a buyer uses to pay for another company, typically drawn from cash on hand, new loans, or by selling new shares. Think of it like choosing between a mortgage, a personal loan, or crowdfunding to buy a house; each choice affects monthly costs, ownership stakes and long-term risk. Investors watch these choices because they change a buyer’s debt load, interest costs, and potential share dilution, all of which influence future returns and company stability.

fixed-rate financial

A fixed-rate is an arrangement where the interest or return on a loan, bond, or other financial obligation stays the same for a specified period instead of changing with market conditions. For investors, that means predictable payments and easier budgeting—like locking in a grocery price for a year—but it also means missing out if market rates fall, and it may be less attractive if inflation or rates rise significantly.

interest-only financial

A loan or payment plan where the borrower pays only the interest for a set period while the original loan amount (the principal) stays unchanged; after that period payments typically rise to cover principal or a lump-sum principal payment is due. For investors this matters because interest-only structures change cash flows and risk: they can boost short-term income but increase the chance of payment shock or default later, similar to renting a car without paying down the purchase cost until the final bill arrives.

multifamily financial

Multifamily describes residential properties that contain multiple separate living units under one ownership, such as apartment buildings, duplexes, triplexes or condo complexes. Investors care because a single property can produce income from many tenants at once, smoothing cash flow much like a small rental fleet rather than one standalone house, and offering scale benefits, diversified tenant risk, and sensitivity to rental market trends that affect returns and asset value.

debt financing financial

Debt financing is the process of raising money by borrowing it from lenders, which must be paid back over time with interest. It is like taking a loan to fund a project or investment, allowing a business or individual to access funds immediately while agreeing to repay the amount borrowed later. For investors, understanding debt financing helps assess how a company funds its operations and manages financial risk.

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop Capital Markets announced today that it arranged the sale and financing of 929 MASS, a mixed-use, two-building property located in the heart of Cambridge, in Central Square, Massachusetts.

929 MASS. Photo Credit: Atwater Media Productions

Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason, and Maggie McFarland, executed the $53.6 million sale of the property on behalf of an institutional seller. Concurrently, Andrew Gnazzo and Mike Darling secured acquisition financing for John M Corcoran & Company (JMC), arranging a $37.1 million fixed-rate, interest-only Fannie Mae loan. JMC has partnered with Stars REI, a global, privately held company with real estate holdings in the U.S. and the U.K., to provide property and asset management services to 929 MASS and complete property upgrades.

“Combined with its prime location in one of Greater Boston’s most dynamic and sought-after submarkets, 929 MASS has strong potential to meet local housing demand and enhance the units to appeal to affluent professionals working in the area,” said D’Amato, managing director at Walker & Dunlop. “We are happy to support this transaction by leveraging Walker & Dunlop’s integrated platform and deep expertise to deliver a seamless, one-stop solution for CMC and Stars REI.”

929 MASS includes an 18-story tower with 96 units, 12,451 square feet of commercial space, 71 garage parking spaces, and 40 surface parking spaces, along with a contiguous 5-story building comprising 31 units.

“We plan to implement physical enhancements to elevate the experience for the tenants at this high-quality, well-located property,” said Richard Robinson, JMC vice president of acquisitions. “With JMC’s property management expertise on ground, we can be assured of a smooth transition for residents and continued successful capital plan moving forward. We appreciate Walker & Dunlop’s expertise in bringing this transaction across the finish line. Their ability to manage both the sale and the financing provided a true one-stop solution and ensured a successful closing.”

Residents of 929 MASS enjoy an eleven-minute train ride to major employers in Boston’s Financial District and Seaport, and immediate proximity to Harvard and Massachusetts Institute of Technology (MIT). This dense concentration of graduate students and research talent fuels the area’s robust lab and tech ecosystem. Located just an eight-minute walk from Harvard and within easy reach of the MBTA Red Line, 929 MASS offers exceptional access across Boston’s urban core.

"We are thrilled to expand our investment footprint in the Cambridge market, this being our second asset here,” said Felipe Lattapiat Johannesen, vice president at Stars REI. “Cambridge’s office, education, and lab growth continues to far outpace available housing, making it one of the most resilient markets in the country. With new multifamily development increasingly constrained by high construction costs, 929 MASS is exceptionally well positioned to capture this unmet demand.”

Walker & Dunlop is a leader in multifamily property sales, having completed over $57 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2024, Walker & Dunlop 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.

About Stars REI

Stars REI is a global, privately held company with real estate holdings in the U.S. and the U.K. We invest in real estate opportunities that have the potential to improve the property and the surrounding area, placing an emphasis on the quality of life of individuals in and around the property itself. As of today, Stars REI's real estate portfolio includes holdings in the Bay Area, Denver, Boston, Seattle, Washington D.C., New York City, and in London, and totals more than 1.4 million square feet and over 2,500 units. Further information is available at www.starsrei.com.

About John M. Corcoran

John M. Corcoran & Company (JMC) is one of the country’s leading residential management and development firms, specializing in delivering unmatched customer service and maintaining exceptional quality standards for more than seventy years. The privately-owned company has earned a reputation for integrity and professionalism with residents, owners, vendors and the communities that surround its residences, and for providing services to a sophisticated and diverse group of clients ranging from institutional investors and condominium associations to private entrepreneurs and public housing authorities. JMC focuses on high-quality facilities, superb maintenance, superior service and quality living in properties that are thoughtfully planned, tastefully decorated and finished with luxuriant landscaping. For more information on the company and its properties, visit https://www.jmcandco.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251222309845/en/

Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com

Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

nhvwaldegg@walkerdunlop.com

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

Source: Walker & Dunlop, Inc.