Walker & Dunlop announced a $153.3 million refinancing that replaces construction debt and redeems preferred equity for Hathaway Development’s three‑property garden‑style multifamily portfolio. The portfolio, located in Denham Springs, Louisiana; Tallahassee, Florida; and Indian Trail, North Carolina, contains 876 luxury apartment units and was completed between 2024 and January 2025.
The loan package is split into $44.7 million for Exchange at Juban, $52.4 million for Exchange at Blair Stone, and $56.2 million for Exchange at Indian Trail. The new first‑mortgage financing, provided by ACRES Capital, extends maturities, lowers interest rates, and reduces debt service, creating a more balanced capital structure for Hathaway and improving cash‑flow stability as the properties transition from construction to stabilized operations.
Hathaway Development, which manages a portfolio of over 12,000 multifamily units valued near a billion dollars, said the refinance aligns with its strategy of acquiring assets in markets with strong supply‑demand imbalances. “This portfolio exemplifies our focus on Louisiana, Florida, and North Carolina, where rent growth potential remains robust,” Daniel Hathaway said. The deal underscores Hathaway’s commitment to building and preserving value in high‑growth markets.
Walker & Dunlop’s capital‑markets business grew sharply in 2024, originating more than $30 billion in debt financing, including over $25 billion for multifamily properties. In the first nine months of 2025 the firm generated $36.5 billion in transaction volume, up 38% from 2024, and the refinancing adds significant loan volume to its book, reinforcing its strategy of expanding in high‑growth multifamily markets.
ACRES Capital, a private lender focused on Class A multifamily, student housing, hospitality, office, and industrial assets in top U.S. markets, supplied the floating‑rate bridge loans that support the transaction. The partnership demonstrates ACRES’s willingness to provide flexible financing to developers transitioning from construction to stabilized debt, a common lifecycle step in the multifamily sector.
The refinancing strengthens Walker & Dunlop’s position as a leading capital provider in the U.S. multifamily market, showcases its expertise in structuring complex, multi‑property deals, and reinforces its long‑standing partnership with Hathaway Development. The deal also signals confidence in the continued resilience of the Southeast multifamily market amid rising interest rates and a persistent supply‑demand gap that supports rent growth.
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