Walker & Dunlop arranged $96.7 million in refinancing to recapitalize a three-property, newly built Class A multifamily portfolio totaling 640 units in Louisville, Kentucky, on behalf of developer Highgates Group.
The firm’s Capital Markets team—led by Jonathan Zilber, Joel Chetner, and Josh Geller—secured three floating-rate, interest-only, non-recourse loans from an institutional lender, with proceeds earmarked to repay existing debt, cover closing costs, and return capital to investors.
The portfolio includes Belmond Flats (240 units), Cedar Creek Flats (168 units), and Glengrove Apartments (232 units), each located in central Louisville and offering a full suite of resident amenities. Walker & Dunlop said the transactions required customized structures given differing stages of completion and lease-up, including cash-out proceeds and additional earn-out features, while Highgates cited Louisville’s employment diversity and long-term growth outlook as supportive of continued multifamily demand.
KEY QUOTES:
“Our team arranged the transactions across properties at different stages of completion and lease-up, each requiring a tailored capital solution. The ability to deliver cash-out proceeds with additional earn-out structures on a non-recourse basis at competitive terms, highlights the strength of our platform and the continued availability of capital for experienced developers in today’s market. We’re grateful for the opportunity to partner with Highgates Group and deliver solutions that align with both their near-term needs and long-term strategy.”
Jonathan Zilber, Senior Managing Director, Walker & Dunlop
“Louisville’s growing economy and diverse employment base continue to support strong demand for quality multifamily housing across income levels. Walker & Dunlop’s expertise allowed us to structure a tailored solution that leveraged the depth of liquidity available today. Their guidance made the process seamless and gave us confidence in executing our strategy while taking advantage of the city’s long-term potential.”
Joseph Waldman, Highgates Group
