Walker & Dunlop Provides $73M Construction Loan for Florida Multifamily Complex
TDK Construction and Oldacre McDonald secured the financing through W&D’s use of FHA and HUD financing
By Brian Pascus October 7, 2024 12:16 pm
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TDK Construction and Oldacre McDonald, a pair of Tennessee-based real estate developers, have secured a $72.7 million construction loan to build Vintage Lake Powell, a 289-unit apartment complex in Panama City Beach, Fla.
Walker & Dunlop’s Keith Melton and David Strange, who lead the firm’s Federal Housing Authority (FHA) finance team, utilized the Department of Housing and Urban Development’s (HUD’s) Section 221(d)(4) mortgage insurance program to secure the financing on behalf of the sponsors.
No broker was involved in the transaction.
Walker & Dunlop is a HUD Multifamily Accelerated Processing lender — which helped to speed up the federal underwriting process — and served as both the lender and originator on this deal. The $72.7 million loan will be serviced by Walker & Dunlop’s construction loan and servicing department, according to the firm.
Located at 24000 Panama City Beach Parkway in Panama Beach — a waterfront resort town near the western tip of Florida’s Panhandle with a population of nearly 20,000 — Vintage Lake Powell is a mixed-use multifamily development. The complex will feature 289 units spread across six buildings and include 19,763 square feet of ground-floor retail in two buildings.
Amenities at the apartment complex will include a nearly 7,000-square-foot clubhouse, a leasing center, a fitness center, an outdoor pool, a bocce court, a pickleball court, a dog park and a playground.
Walker & Dunlop said that the project will be built by December 2026.
Brian Pascus can be reached at bpascus@commercialobserver.com
