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Walker & Dunlop arranges $56M financing for development of adaptive reuse project

Bethesda-based commercial real estate finance company Walker & Dunlop Inc. Friday announced it arranged $55.5 million 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 townhome 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 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 billion of brokered loan originations.

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