Walker & Dunlop Arranges $101.6 Million HUD Loan for Multifamily Property in Chula Vista
Photo Credit: Walker & Dunlop, Inc.
BETHESDA, Md., May 30, 2026 (CALIFORNIA NEWS TODAY) — Commercial real estate finance firm Walker & Dunlop has arranged a $101,561,900 loan to refinance Enclave Heritage Flats, a 312-unit multifamily community in Chula Vista, California.
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The financing was secured through the U.S. Department of Housing and Urban Development’s Section 223(f) program and refinances existing debt previously arranged by Walker & Dunlop in 2024. The transaction was arranged by Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing on behalf of The Baldwin Company.
“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,” said Gregory Richardson, Managing Director of Capital Markets Real Estate Finance at Walker & Dunlop.
Enclave Heritage Flats is located in the Otay Ranch Village II area of Chula Vista, approximately 16 miles southeast of downtown San Diego. The property spans approximately 7.7 acres and includes one-, two-, and three-bedroom units. Amenities include a fitness center, swimming pool, theater room, coworking spaces, and outdoor gathering areas. The property is managed by Baldwin Asset Management.
“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,” said Danielle Baum, Vice President of Finance at The Baldwin Company.
Walker & Dunlop previously arranged an $81 million bridge-to-HUD loan for the property in December 2024.
For more information, visit www.walkerdunlop.com.
Source: Walker & Dunlop
