BOSTON — Walker & Dunlop (NYSE: WD) has arranged a $137 million Fannie Mae acquisition loan for LUKA on the Common, a 30-story high-rise community in Boston. San Francisco-based investor Carmel Partners purchased the asset, which was formerly known as AVA Theater District. The seller was Virginia-based AvalonBay Communities.
LUKA on the Common is situated on a 21,344-square-foot site in the city’s downtown area. The 398-unit community was built at 45 Stuart St. in 2016, and situated in proximity to Boston Common Park, the Charles River, Boston Harbor and the city’s theater district. According to the property website, the community offers studio, one- and two-bedroom units.
Amenities include a sky pavilion, fitness center, concierge services, bicycle storage, TV and entertainment lounge, package acceptance system and 24-hour maintenance.
The sales price was not disclosed. However, Walker & Dunlop’s investment sales team in Boston disclosed it was the highest price paid for an apartment complex in the city in more than a year. Jeff Burns of Walker & Dunlop originated the five-year, interest-only loan on behalf of the buyer. The agency loan features an early rate lock.
Walker & Dunlop is one of the top capital providers in the U.S. multifamily sector, lending over $20 billion for multifamily properties in 2023 alone. The firm has closed more than $51 billion in U.S. multifamily sales volume since 2021. Fannie Mae reported that Walker & Dunlop was the agency’s No. 1 DUS (Delegated Underwriting and Servicing) lender in 2023.
Carmel Partners was founded in 1996. The company has several regional offices, including in Northern and Southern California, New York City’s metropolitan area, Seattle, Denver, Hawaii and Washington, D.C.