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Walker & Dunlop Secures $137M Financing for LUKA on the Common in Downtown Boston

Author

Slice of Real Estate Team
September 26, 2024

Key Highlights:

  • Walker & Dunlop secures $137M financing for LUKA on the Common, a premier multifamily asset in Downtown Boston.

  • Transaction facilitated by Walker & Dunlop's Boston Investment Sales team, led by Travis D'Amato and Michael Coyne.

  • Fannie Mae identified as the lender, structured as a five-year, full interest-only loan.

  • LUKA on the Common rebranded from AVA Theater District; a 30-story, 398-unit luxury apartment.

  • Highest price paid for an apartment complex in Boston in over a year.

Notable Quotes:

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"Boston's multifamily fundamentals are among the strongest in the nation, driven by limited existing and future supply."

Jeff Burns, Senior Managing Director at Walker & Dunlop
❝

"LUKA on the Common is an exceptional asset and has an enviable location."

Lee Bloch, Partner at Carmel Partners

Our Take:

Walker & Dunlop's financing of LUKA on the Common underscores the strength of Boston's multifamily market despite challenging housing supply constraints. With its prime urban location and impressive sale price, this transaction signals confidence in the long-term growth of the city's real estate market, particularly within life sciences and healthcare-driven employment hubs. The collaboration between Walker & Dunlop and Carmel Partners highlights their shared expertise and strong market positioning in navigating complex multifamily transactions.