Walker & Dunlop, Inc. announced today that it arranged $55,500,000 in construction and permanent financing for Thrive Companies' development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats, a 293-unit multifamily and 100-unit town home project located within a decommissioned quarry in Columbus, Ohio.
Through a partnership with the Columbus and Franklin County Metro Parks, the development is positioned within a natural park, and rests alongside a 60-foot waterfall, 160-foot vertical rock face, and over two miles of river front trails – all highly visible within the burgeoning city of Columbus.
Thrive's adaptive reuse plan for Quarry Trails reflects the community's natural surroundings, designed as an extension of the 180-acre park with possible green features in mind. Phase one of development also includes a multi-use downtown area containing an office building, 20,000 square feet of retail space, and a community center.
The construction financing was arranged by Jeff Morris, Chad Kiner and A.J. Mangan, of Walker & Dunlop's Ohio Capital Markets group. The team identified two leading banks local to the Columbus region as the ideal capital partners to finance the land acquisition and construction for the community. Quarry Trails Apartments and Quarry Trails Townhomes and Flats have a competitive three-year construction and semi-permanent financing term and a five-year financing term, respectively.
Walker & Dunlop Managing Director, Chad Kiner commented, "Thrive Companies epitomizes the quality of client that our office works with on a daily basis." Managing Director Jeff Morris, added, "We were thrilled to work with Thrive Companies, to finance this unique development with an architectural style complementary to the former limestone quarry's landscape. Thrive is one of the most forward-thinking developers in the market, and this project is a reflection of that."
Walker & Dunlop has one of the strongest networks of capital providers in the industry, having arranged financing with over 250 capital sources in 2020 alone. In that same period, the firm completed $11.0 billion of brokered loan originations. For a full list of Walker & Dunlop's financing capabilities, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 1,000+ professionals in 38 offices across the nation have an unyielding commitment to client satisfaction.
