Walker & Dunlop, Inc. announced today that it 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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Enclave Heritage Flats. Photo Credit: The Baldwin Company
Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing, led by Gregory Richardson and Jeff Kearns, arranged the financing on behalf of the client, The Baldwin Company. The loan was secured through the U.S. Department of Housing and Urban Development’s HUD Section 223(f) program and refinances existing debt Walker & Dunlop arranged in 2024.
“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,” said Richardson, managing director of Capital Markets Real Estate Finance at Walker & Dunlop. “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.”
Enclave Heritage Flats features a mix of one-, two-, and three-bedroom apartment homes with contemporary finishes and modern layouts designed for both comfort and functionality. 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.
“Enclave Heritage Flats represents a long-term investment in one of the fastest-growing and most dynamic submarkets in Southern California,” said Danielle Baum, vice president of finance at The Baldwin Company. “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.”
Located within the Otay Ranch Village II area of Chula Vista, Enclave Heritage Flats is approximately 16 miles southeast of downtown San Diego. The property spans approximately 7.7 acres and offers convenient access to hiking trails, parks, dining, shopping, schools and recreational destinations throughout the greater San Diego area. The surrounding submarket has experienced significant residential and commercial growth in recent years, driven by continued population expansion, strong employment fundamentals and proximity to the U.S.-Mexico border and downtown San Diego.
Walker & Dunlop Capital Markets Real Estate Finance, led by Gregory Richardson, previously arranged an $81 million bridge-to-HUD loan for the property in December 2024, with capital provided by Walker & Dunlop Investment Partners, led by Andrew Yaroma, Kimberly Schmitz and Terri Magnani.
Walker & Dunlop is a leading HUD lender, ranked #5 based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025. Since inception, the firm’s FHA/HUD platform has closed $45 billion across more than 2,000 transactions and continues to deliver consistent results, with a 99% approval rate since 2021. To learn more about our capabilities and financing solutions, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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