NEWPORT NEWS, VA – Walker & Dunlop announced that it closed a $34,425,000 United States Department of Housing and Urban Development (HUD) loan for Meridian Parkside, a Class A multifamily property in Newport News, Virginia.
Dwight D. Dunton III of Bonaventure Realty Group and Phillip R. Roper III (the "Borrowers") purchased the property in 2016. Walker & Dunlop worked in partnership with HUD’s Baltimore office to refinance the property with a 35-year, low-interest loan through HUD’s 223(f) program.
The financing paid off the existing bridge loan and a portion of the partnership debt from the original purchase, enabling the Borrowers to make immediate, short-term, owner-elected repairs. Walker & Dunlop’s Hal Reinauer, Tom Toland, and Chris Rumul spearheaded the financing assignment.
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