The Grand Castle Apartments is a class A multifamily complex located in a suburb in Grand Rapids, Michigan which houses almost 522 rental units. The castle-themed complex was developed by Roger Lucas of Land & Co and takes inspiration from the German Neuschwanstein Castle.
The proposal was started by none other than Walker & Dunlop Vice President Benjy Krosin along with Kari Zapolski of Inner Circle Holdings. The program provides short-term, non-recourse loans that support multifamily rental properties that are unable to qualify for any permanent financing. Announced on November 8, 2019, Walter & Dunlop provided a $48,300,000 bridge loan.
The loan will follow a 2-year full-term interest-only payment plan. This allows the borrower to have a lot of time to satisfy the debt for the remaining lease. This also gives them flexibility for the prepayment structure due to the given time frame.
“We are very pleased that the Walker & Dunlop team was able to make our vision a reality,” said Lucas. “The flexible terms and attention to detail provided by the bridge lending platform will be instrumental to the success of this new landmark in the Grand Rapids region.”
The castle-themed community boasts square footage of more than a million which offers a variety of living spaces including studios, one- to three-bedroom units, and multi-level penthouse apartments. The area doesn’t shy away from its lake access, swimming pool, fitness center, business center, electronic parcel station, outdoor grilling area, walking trails, resident lounge and library, dog park, washing station, and parking space for most of the rental units. Neighboring areas can view the community’s highest point, towering 15 stories high. The multifamily neighborhood gives excellent access to the downtown Grand Rapids area.
Walter & Dunlop has earned it’s fame by ranking #2 with Fannie Mae for multifamily lending in 2018. To read more about the article and about Walter & Dunlop, check the link below: