Walker & Dunlop has arranged a $ 37.6 million financing for the purchase of rental apartments in Flagstaff

The Bungalows on Pine Cliff in Flagstaff, Arizona are stand-alone one-, two-, and three-bedroom rentals with an average size of 1,097 square feet.

FLAGSTAFF, ARIZ. – Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a residential rental property in Flagstaff. The structured transaction includes $ 37.6 million bridge financing under a joint venture partnership.

St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City’s Dome Equities as an equity partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlops Capital Markets Group identified the opportunity and worked with the company’s BFR and structured finance teams to deliver the full capital solution.

The Bungalows on Pine Cliff were developed in 2020 and feature detached rental apartments with one, two and three bedrooms with an average size of 1,097 square meters. The communal facilities include a leasing center, a clubhouse, a modern kitchen, a fitness center, a dog washing station, gas fire pits with seating areas, a bocce court, a dog park, barbecue facilities and two charging stations for electric cars.