Baldwin Takes Advantage of Speedier HUD Program With $102M Chula Vista Refi

The Baldwin Company has secured a $101.56 million Department of Housing and Urban Development (HUD) loan to refinance Enclave Heritage Flats, a 312-unit multifamily community in Chula Vista, California.

It was secured through the government agency's Section 223(f) program and refinances existing debt Walker & Dunlop arranged in 2024.

"HUD has made dramatic improvements to its loan approval process and timelines," Jeff Kearns of Walker & Dunlop, which led the latest refinancing efforts on behalf of Baldwin, told GlobeSt.com.

"For this family office seeking maximum loan proceeds and a long-term hold strategy, HUD's 223f program was a perfect fit."

The program enables borrowers to secure long-term, fixed-rate financing with attractive leverage and greater certainty of execution. This is particularly beneficial for well-performing, institutional-quality assets such as Enclave Heritage Flats, according to a statement by Kearns.

Along with Kearns, Walker & Dunlop's Capital Markets Real Estate Finance and Affordable Housing team arranged the financing on behalf of Baldwin.

Enclave Heritage Flats mixes one, two and three-bedroom apartment homes with contemporary finishes and modern layouts designed for 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.

Baldwin Asset Management manages the property.

It is in the Otay Ranch Village II area of Chula Vista, 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.