Walker & Dunlop Secures $101.6M HUD Loan for Chula Vista Multifamily Community
Walker & Dunlop, Inc., one of the leading commercial real estate finance and advisory firms in the United States, has announced the successful arrangement of a $101.56 million loan to refinance Enclave Heritage Flats, a 312-unit multifamily community located in Chula Vista, California. The financing underscores continued investor confidence in high-quality multifamily assets across Southern California and highlights the growing role of HUD-backed lending programs in today’s commercial real estate market.
The refinancing was arranged by Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing. The transaction was led by Gregory Richardson and Jeff Kearns on behalf of The Baldwin Company, a real estate investment and development firm with a growing portfolio of residential and mixed-use properties. The financing was secured through the U.S. Department of Housing and Urban Development’s HUD Section 223(f) program, which provides long-term, fixed-rate financing for stabilized multifamily properties.
The newly arranged loan refinances existing debt that Walker & Dunlop originally secured for the property in 2024, demonstrating the firm’s continued involvement in supporting the long-term financing strategy for the asset.
The HUD Section 223(f) program has become increasingly attractive for owners and institutional investors seeking financing stability in a commercial real estate environment characterized by fluctuating interest rates and evolving lending conditions. The program offers borrowers long-term amortization, competitive fixed interest rates, and high leverage options, making it particularly appealing for well-performing multifamily communities.
According to Gregory Richardson, managing director of Capital Markets Real Estate Finance at Walker & Dunlop, the refinancing of Enclave Heritage Flats reflects the growing efficiency and value of the HUD financing platform for institutional-quality assets.
“Enclave Heritage Flats is an excellent example of how the HUD Section 223(f) program has become an increasingly efficient and attractive execution for high-quality multifamily assets,” Richardson said. “The ability for borrowers to secure long-term, fixed-rate financing with attractive leverage and increased certainty of execution is incredibly valuable, particularly for well-performing institutional-quality assets like Enclave Heritage Flats.”
Richardson also emphasized Walker & Dunlop’s ongoing relationship with The Baldwin Company and the importance of delivering financing solutions that support the property’s long-term operational strategy.
“We are proud to once again partner with The Baldwin Company and deliver another successful outcome that supports the property’s long-term strategy,” he added.
Enclave Heritage Flats is located within the Otay Ranch Village II area of Chula Vista, one of the fastest-growing residential submarkets in the greater San Diego region. Situated approximately 16 miles southeast of downtown San Diego, the community benefits from strong regional population growth, expanding employment opportunities, and convenient access to major transportation corridors.
The property spans approximately 7.7 acres and offers a mix of one-bedroom, two-bedroom, and three-bedroom apartment homes designed to meet the needs of a broad range of renters. Units feature modern layouts, contemporary finishes, and amenities intended to support both comfort and functionality for residents.
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The property is professionally managed by Baldwin Asset Management, which oversees day-to-day operations and resident services. According to The Baldwin Company, the community has continued to perform strongly due to sustained resident demand and the ongoing growth taking place throughout the Chula Vista and greater San Diego markets.
Danielle Baum, vice president of finance at The Baldwin Company, highlighted the property’s strategic value and long-term investment potential within one of Southern California’s most dynamic housing markets.
“Enclave Heritage Flats represents a long-term investment in one of the fastest-growing and most dynamic submarkets in Southern California,” Baum said. “The property continues to perform exceptionally well due to strong resident demand, its high-quality amenity offering and the continued growth throughout the Chula Vista and greater San Diego markets.”
Baum also acknowledged Walker & Dunlop’s role in helping the company navigate the financing process during a changing commercial real estate environment.
“We appreciate Walker & Dunlop’s guidance and expertise throughout the financing process and value the team’s ability to execute efficiently in a changing market environment,” she added.
The Chula Vista submarket has experienced significant residential and commercial expansion in recent years, fueled by continued population growth, strong employment fundamentals, and its strategic proximity to both downtown San Diego and the U.S.-Mexico border. The area has become increasingly attractive to residents seeking access to employment centers, retail destinations, outdoor recreation, and modern housing options while remaining connected to the broader Southern California economy.
Otay Ranch Village II, where Enclave Heritage Flats is located, has become one of the region’s most active master-planned development areas. The community offers convenient access to parks, hiking trails, schools, dining, shopping, and recreational amenities that continue to attract families, professionals, and long-term renters.
Walker & Dunlop’s involvement with the property extends beyond the current refinancing transaction. In December 2024, the company’s Capital Markets Real Estate Finance division previously arranged an $81 million bridge-to-HUD loan for Enclave Heritage Flats. That financing included capital provided by Walker & Dunlop Investment Partners, led by Andrew Yaroma, Kimberly Schmitz, and Terri Magnani.
The successful transition from bridge financing to long-term HUD financing demonstrates Walker & Dunlop’s integrated approach to multifamily lending and its ability to provide flexible financing solutions across different stages of an asset’s lifecycle.
The transaction also reinforces Walker & Dunlop’s position as one of the nation’s leading HUD lenders. The firm currently ranks fifth nationally based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025, reflecting its strong presence within the government-backed multifamily financing sector.
Since the inception of its FHA/HUD lending platform, Walker & Dunlop has closed approximately $45 billion in financing across more than 2,000 transactions nationwide. The company reports maintaining a 99 percent approval rate since 2021, further strengthening its reputation as a trusted financing partner for multifamily owners, developers, and institutional investors.
The continued use of HUD financing programs in transactions like Enclave Heritage Flats highlights the growing importance of government-backed lending solutions within the multifamily sector. As interest rates remain uncertain and conventional lending conditions tighten, many borrowers are increasingly turning to long-term fixed-rate financing structures that provide stability, leverage, and predictable operating costs.
For high-performing assets in supply-constrained markets such as Southern California, access to attractive financing remains a critical component of long-term investment strategy. The refinancing of Enclave Heritage Flats demonstrates how institutional-quality multifamily properties continue to attract strong lender interest and financing support despite broader market volatility.
As demand for rental housing remains elevated across major Sun Belt and coastal markets, firms like Walker & Dunlop and The Baldwin Company continue positioning themselves to capitalize on long-term multifamily growth opportunities through strategic financing, asset management, and market-focused investment strategies.
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