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May 16, 2024

Walker & Dunlop finds $39M for Kirkland refi

The fairly new 135-unit Bloom, in Kirkland's Rose Hill neighborhood, was developed by Merit Homes. The two-building low-rise complex opened in late 2022. Now that it's up and running, Walker & Dunlop has arranged a $39 million refinancing package, with the money provided by an arm of Bridge Investment Group. (Both firms are based in New York.) W&D's Mark Plenge and Grant Robertson secured the financing, which the firm calls a “maximum-progress, full-term, interest-only, non-recourse debt loan with a flexible prepayment structure.” The new money retired the prior construction loan from Bank of the West. Bloom was designed by Encore Architects, with Pelletier + Schaar as the architect of record. Merit acted as its own builder.




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