Walker & Dunlop announced that it arranged a $101.6 million loan to refinance Enclave Heritage Flats, a 312-unit multifamily community located in Chula Vista, California.
The financing was arranged by Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing on behalf of The Baldwin Company. The transaction was led by Gregory Richardson and Jeff Kearns. The loan was secured through the U.S. Department of Housing and Urban Development’s HUD Section 223(f) program and refinances existing debt that Walker & Dunlop previously arranged in 2024.
Enclave Heritage Flats includes a mix of one-, two-, and three-bedroom apartment homes featuring contemporary finishes and modern layouts. Community amenities include a fitness center, resort-style swimming pool, movie screening theater, coworking spaces, outdoor gathering areas, and pet-friendly accommodations. The property is managed by Baldwin Asset Management.
The multifamily community is located within the Otay Ranch Village II area of Chula Vista, approximately 16 miles southeast of downtown San Diego. The property spans about 7.7 acres and provides residents with access to hiking trails, parks, dining, shopping, schools, and recreational destinations throughout the greater San Diego area. The surrounding submarket has experienced substantial residential and commercial growth in recent years, supported by population growth, strong employment fundamentals, and proximity to both downtown San Diego and the U.S.-Mexico border.
Walker & Dunlop Capital Markets Real Estate Finance previously arranged an $81 million bridge-to-HUD loan for the property in December 2024, with capital provided by Walker & Dunlop Investment Partners.
Walker & Dunlop noted that it is ranked as the No. 5 HUD lender based on MAP and LEAN volume in 2025. Since inception, the company’s FHA/HUD platform has closed $45 billion across more than 2,000 transactions and has maintained a 99% approval rate since 2021.
KEY QUOTES:
“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. 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. We are proud to once again partner with The Baldwin Company and deliver another successful outcome that supports the property’s long-term strategy.”
Gregory Richardson, Managing Director of Capital Markets Real Estate Finance, Walker & Dunlop
“Enclave Heritage Flats represents a long-term investment in one of the fastest-growing and most dynamic submarkets in Southern California. 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. 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.”
Danielle Baum, Vice President Of Finance, The Baldwin Company
