Dealmaker: Walker & Dunlop Arranges $31M Construction Loan in Washington

Walker & Dunlop, Bethesda, Md., arranged a $31.3 million construction loan for The Casey, a 125-unit, four-story multifamily property to be built in Camas, Wash.

When complete, The Casey will sit a few miles east of the rapidly developing 192nd Avenue Corridor, which includes numerous restaurants, retail and other services. General contractor Tapani Inc., Battle Ground, Wash., said it expects to deliver the property in April 2023.

The Casey will occupy a 10-acre site surrounded by forests and a wetlands preserve. Floor plans include one- and two-bedroom units ranging from 588 to 1,270 square feet. Certain units will also include gas appliances and fireplaces. The property will have gated parking, a cell phone-activated entry system, security surveillance, electric vehicle parking and off-grid backup generators.

Eric McGlynn, Managing Director on Walker & Dunlop’s Capital Markets team, facilitated the transaction between developer Sansano Capital LLC, Vancouver, Wash., and the lender, an affiliate of Sculptor Real Estate based in New York City.

McGlynn said the capital markets showed strong interest and Walker & Dunlop secured a competitive non-recourse loan.