Walker & Dunlop, Inc. announced today that it arranged a $105 million loan to refinance Maeve, a newly delivered 297-unit luxury high-rise community located in an opportunity zone in the heart of Raleigh's Warehouse District. The Economic Opportunity Zone census tract is a program established by Congress through the Tax Cuts and Jobs Act of 2017 to encourage long-term investment in designated low-income communities through incentives such as deferred or reduced capital gains taxes.

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Maeve. Photo Credit: Capital Square

Walker & Dunlop Capital Markets Real Estate Finance arranged the refinance on behalf of longtime client, Capital Square. Alexandra Huffman, Justin Nelson, and PJ Feichtmeier arranged the floating-rate, interest-only bridge loan with TPG Real Estate Finance.

"This transaction highlights several unique aspects, including Maeve's institutional-quality design, early lease-up profile, and an Opportunity Zone equity structure inclusive of preferred equity," said Huffman, managing director of Capital Markets Real Estate Finance at Walker & Dunlop. "Executing a refinance while maintaining preferred equity in the capital stack required a thoughtful capital solution, particularly in a market navigating elevated new supply. We're pleased to partner with Capital Square and TPG Real Estate Finance to position this asset for continued stabilization and long-term success."

Completed in 2025, Maeve features 297 apartment homes and more than 10,000 square feet of street-level retail space. The community offers studio and one- to three-bedroom residences and a full suite of amenities, including a resort-style pool, rooftop lounge, coworking spaces and golf simulator. Maeve has received three notable industry recognitions, including Engineering News-Record Southeast's 2025 Best Projects Competition Award, Downtown Raleigh Alliance's 2025 Imprint Award and recognition in Architectural Record as a Record Interiors 2026 honoree.

"Maeve represents the type of high-quality, well-located asset we seek in markets with strong long-term fundamentals," said Natalie Mason, executive vice president and co-head of Development at Capital Square. "Raleigh continues to benefit from sustained population growth and economic expansion, driving consistent renter demand. Maeve's location within a designated Opportunity Zone was also a key component of our investment thesis, providing meaningful tax advantages alongside the property's strong market positioning."

Positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, Maeve is among the few luxury apartment communities in the downtown submarket. The property offers walkable access to entertainment venues, restaurants, cultural landmarks and major employers. Its proximity to U.S. Route 70 also provides convenient connectivity to the Research Triangle and several nationally recognized universities, including Duke University, the University of North Carolina at Chapel Hill and North Carolina State University.

In 2025, Walker & Dunlop's Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

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Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com

Media:

Nina H. von Waldegg

Public Relations

Phone 301.564.3291

nhvwaldegg@walkerdunlop.com

Walker & Dunlop Arranges $105 Million Loan to Refinance Luxury Raleigh Community